Stokvels are an important player in the informal financial sector of South Africa. The Ntuthuko stokvel in Khutsong South Ext 4, Phase 2 was founded in 2013, with only five members, it later grew to 12 members. The stokvel has a bank account and a constitution which guides how meetings and the AGM is conducted. The aim of the stokvel is to save money for rainy days and share at the end of year. Members contribute R200 per month, and the stokvel meets monthly. Membership is 45% men and 55% women.
Member are fined R200.00 if they fail to attend three consecutive meetings without valid reasons. Members are required to practice respect and discipline all the time, inside the stokvel and in their families. The stokvel aims to build a strong family values and members do regular physical exercises together to stay fit and live a healthy life style.
Members use the savings for family holidays. For events like Women’s Day, Valentine’s Day, Mother’s Day, Father’s Day they contribute R100.00. They are also interested in investing in the Johannesburg Stock Exchange. While they have kept the momentum going, Covid-19 has affected their stokvel, because the rules regulations and protocols make it difficult to have face to face meetings.
This article was submitted on 22 May 2020. You may republish this article, so long as you credit the authors and Karibu! Online (www.Karibu.org.za), and do not change the text. Please include a link back to the original article.
