Stokvels is one of the most trending terminologies in South Africa and you may be wondering what a Stokvel is. We will dive into exactly that right here. Stokvels are invitation-only clubs of twelve or more people serving as rotating credit unions or saving schemes in South Africa where members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis.
It is said that the name Stokvel came from the word stock fairs in South Africa.
It is estimated that one in every two adult South Africans is a member of at least one of 800 000 stokvels. Source Wikipedia
The Stokvel industry collects R50bn in saving annually from more than 11 million members. That is something to cherish and what an incredible industry to be part of in a life time.
Banks are now introducing Stokvel products as part of the services they offer and this has even made the Stokvel industry bigger.
There are many reasons why you need to open up a Stokvel account. This will come with many benefits and these include the following
- Stokvel teach saving habits
- Stokvels guide you on setting goals
- Interest rates on the savings
- Capital is guaranteed depending on your saving cause
What you need to Get Started
- At least 5 members in the Stokvel
- At least one signatory
- Identity of the signatory. ID or Purport copy
Most Stokvels are traditionally operated. However the good news is now you can be able to open up Digital Stokvels and this is a great opportunity to everyone. Anyone can now open up an account and invest in a Stokvel from anywhere using a smartphone, monitor the Stokvel and set goals
Yo Swift has introduced Stokvel accounts which will hugely help members to save their money in the Yo swift Digital Stokvel.
To know more about the Yo Swift Stokvel, email This email address is being protected from spambots. You need JavaScript enabled to view it.
