Frequently Asked Questions
1ARE WE REGULATED BY THE FINANCIAL SERVICES BOARD (FSB)?
Registration with the FSB is required only when financial advice is given or if financial products are provided. At this time we do not offer either of these financial services/products.
For our 2019 strategy, we will register and comply with regulatory requirements.
For our 2019 strategy, we will register and comply with regulatory requirements.
2ARE WE REGULATED BY THE NATIONAL CREDIT REGULATOR (NCR)?
Registration with NCR is required only when financial advice is given or if financial products are provided. At this time we do not offer either of these financial services/products.
For our 2019 strategy, we will register and comply with regulatory requirements.
For our 2019 strategy, we will register and comply with regulatory requirements.
3HOW DOES YOUR SAVINGS WORK FOR YOU?
Savings are collected over a period of time and thereafter up to 70% of the funds saved are invested into a short term investment account. The original savings plus any returns on savings are then paid back to the company. Up to 50% of this return may be paid back to members.
4IS YOUR CAPITAL SAVINGS GUARANTEED?
Yes, all Net savings are paid back to our members. This is available as per withdrawal date when registering on the savings platform or on request.
5CAN MEMBERS HAVE MULTIPLE STOKVEL SAVINGS ACCOUNTS?
Yes, a member will register only once and thereafter they can create multiple Stokvel accounts. Each Stokvel account will be allocated a unique account ID and this must be used for deposits so that their savings can be allocated correctly.
6WHAT IS THE INVESTMENT PERIOD?
Year 2019 – Between 3 to 4 months or longer if needed.
Year 2020 – 6 to 8 months or longer if needed.
NOTE 1: This is also dependant on economic stability and other economic contributing factors.
Year 2020 – 6 to 8 months or longer if needed.
NOTE 1: This is also dependant on economic stability and other economic contributing factors.
7WHEN DOES THE MEMBER'S MONEY BECOME AVAILABLE?
Upon the registration of a new Stokvel account, you are required to complete the withdrawal date field. This date allows us to plan our investments and forecast for pay-outs. If a member decides to withdraw their savings prior to their stipulated withdrawal date, then a notice period of 14 days is required.
NOTE 1: Only net savings will be paid back to a member. In this case the member waives their right to receive any benefits in that financial year.
NOTE 2: This does not apply to Funeral Stokvel Savings.
NOTE 1: Only net savings will be paid back to a member. In this case the member waives their right to receive any benefits in that financial year.
NOTE 2: This does not apply to Funeral Stokvel Savings.
8CAN MEMBER SAVINGS BE WITHDRAWN BEFORE 15TH DECEMBER ANNUALLY?
Yes, but not recommended, however should they wish to proceed, then:
NOTE1: Only net savings will be paid back to a member. In this case the member waives their right to receive any benefits in that financial year.
NOTE2: 14 day notice period is required.
NOTE1: Only net savings will be paid back to a member. In this case the member waives their right to receive any benefits in that financial year.
NOTE2: 14 day notice period is required.