Safety tips for stokvels

Stokvels and social clubs have become one of the ways in which many people rely on to save money throughout the year without being tempted to use it.

The groups often share some of the money saved up, but this often leads to criminals preying on the beneficiaries by robbing them of their hard-earned money.

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Here are some tips shared by the police to avoid being robbed:

• Refrain from making cash deposits of club members’ contributions on high-risk days like the Monday after month-end.

• Ensure the person depositing contributions or making withdrawals is accompanied by another club member.

• A stokvel, savings club or burial society can arrange for members to deposit cash directly into the club’s account instead of collecting cash contributions.

• Arrange for the club’s pay-out to be electronically transferred into each club member’s personal account or account of their choice.