What you need to know about Stokvels before joining one
In many societies throughout South Africa, Stokvel clubs (usually compromising of less than 10 members) are a popular strategy for saving, cashing in and budgeting as well a great way for friends and families to keep in touch.
According to Mokgadi Makwala(28), who is fairly new to the world of Stokvel clubs, the concept can get overwhelming because of members with different views and opinions which could lead to conflict and as a result, collapse the club before missions, goals and visions are met.
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“Most of us in our clubs are fairly new and hence, most of what we know about Stockvels is information that comes from friends and family members who have been part of one before. My advice is to gather as much information about the specific clubs before agreeing or signing membership,” she explained.
She explained how stokvels differ in terms of what type of stokvel is run. For instance, some stokvels are solely for household basics such as toiletries and groceries, which are shared equally amongst members either once or twice a year. This is derived from collective shopping using the collected contributions. Members invest a fixed amount of money, which is agreed upon by all members, into an account and then rotate and receive a lump sum of the combined contributions. In most societies, a coin is tossed to select and choose who will be first to receive either the first lump sum with regards to the money and in terms of perishables, every member receives their fair share during the distribution.
Members of stokvels need to be understanding and compassionate towards one another as individuals differ in terms of living standards. Roles and duties can be distributed amongst members to ensure all parties feel and are involved. From treasures, chairperson, secretary and many other roles which can be developed to ensure all parties are happy.
Today, more and stokvels for various needs and services are being developed and followed in order to assist individuals grow economically, get empowered and help better their lifestyles. Stokvels for property, education, employment (businesses) and various others now exist to close gaps that societies face on a daily basis.
For more information on Stokvels, you can visit Nasasa’s (The National Stokvel Association of South Africa) website.
