Stokvel investments is a common route to saving amongst individuals, lumping their money for a common goal or purpose. Whether trying to save their money to plan a trip abroad, buy groceries or for funeral services in times of loss, this is a lump sum that contributors can use to cover their needs. It is money that goes into a common pot for all to access when needed. Everybody involved knows what the details of the stokvel investments are, as it is mainly a savings solution for consumers.
As a legitimate stokvel, the investment must be a member of the National Stokvel Association of South Africa (Nasasa) or a similar body and conform to its rules and regulations. The guidelines allow this system to operate within the law, unlike the MMM scheme.
While still a style of saving that many are skeptical of, many have a bad reputation of not paying out in time, or at all.
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