A stokvel is more than just a savings group; it helps people build wealth and make their communities stronger. The end of the year is “stokvel season” – a time when most members receive their payouts. It’s also a great time to take a closer look at...
Several scams have claimed to be stokvels in an attempt to gain legitimacy. The word stokvel tends to be used very loosely by people who are trying to legitimise a scam. At no point did United African Stokvel (UAS) ever operate as a stokvel. It was...
Stokvels are a truly African solution, helping people manage their cashflow and achieve their goals. But are we doing enough to harness the power of group savings? Could stokvels be used to build wealth, fund children’s education, and even leave an...
While you are sitting in lockdown, now may be the time to turn that WhatsApp group into a stokvel. In her book Stokvels: How they can make your money work for you, author and financial educator Palesa Lengolo writes, “I have watched how some...
Whilst you are sitting in lockdown, now may be the time to turn that WhatsApp group into an investment club. Maya (@mayaonmoney) and Mapalo (@womanandfinance) chat to Palesa Lengolo, financial educator and author of Stokvels: How they can make...
New transformation fund offers black investors an opportunity to diversify their savings while building a new class of African businesses. We all know that the key to transformation in South Africa lies in the creation of black businesses across...
Strategic Six Savings Club is a group of five 34-year-olds who set up a stokvel nine years ago with the aim of building long-term wealth through saving and investing collectively. With contributions starting at just R250 per month, the group has...
The Heirs investment club is just in its early stages and it faces the same challenges as all investment clubs. “I have had this vision for some time, after seeing a show on Oprah of ordinary ladies who had become multi-millionaires by investing as...
If you have an existing savings club with a group of friends that you want to take to a new level, creating an investment club to build wealth is a great strategy. Twelve years ago the Ya Rona club transformed itself from an informal savings club,...
If you form an investment club you will still need to have a bank account for the group in order to collect money and pay out withdrawals. Speak to your bank about the best account for your needs. These bank accounts are specifically aimed at...
Savings clubs are very popular ways to save because they form a social contract between friends which helps create the discipline to save every month. Also when you are pooling your resources you are able to make a more significant investment. Why are you saving? When...