Stokvel SA is a common investment or account among individuals, saving their money for a common reason. They may save their money to plan a trip abroad, buy groceries at the end of the year or for funeral services in times of loss. It is money that goes into a common pot for all to access when needed. Everybody knows what the details of the investments are, as it is mainly a savings solution for consumers. While the stokvel rules change from account to account, the basis is the same across all types of stokvels.
As a legitimate stokval, the investment must be a registered member of the National Stokvel Association of South Africa (Nasasa) or a similar body and conform to its rules. The guidelines set allows this investment system to operate within the law, unlike its ugly step sister – the MMM scheme.
While still a style of investment that many are skeptical of, many like Stokvel SA have a bad reputation of not paying out in time, or at all. While this is a common issue with some of the bigger providers, this can be a great mode to saving for a closed group of consumers or colleagues. With easy to use online systems as well, this an accessible savings option.
A great way especially for low income earners to form a fairly lucrative savings plan, many are a part of these stokvels to ensure they have access to money when they need it.
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