What is a grocery stokvel?
Grocery Stokvels Collects the grocery or cash coupons that members receive from supermarket chains when they buy provisions for the stokvel parties throughout the year, and distributed these coupons at the end of the saving period.
What is a basic stokvel?
According to Matuku and Kaseke (2014), stokvels are an informal self-help union of people with a common goal of pooling the funds together on a weekly or monthly basis to address a common need due to poverty, unemployment, and income security.
How do you make money on stokvel?
Starting your stokvel is easy:
- Decide on the type of stokvel and the rules.
- Recruit members from your inner circle.
- Open a stokvel account. All major banks in South Africa have stokvel accounts.
- Put money in.
- Reap the rewards.
How do I start a grocery stokvel?
Applying for a Grocery Stokvel Account Head down to your nearest branch, and take the following documents with you: The IDs of three elected group members who will act as signatories. Proof of residence for three members (not older than three months) Your initial R50 investment to open your account.
How does stokvel make money?
Stokvels make money in various ways, including purchasing items that they can rent out at a fee for special occasions like catering pots and gas stoves. Another way stokvels make money is the affiliate marketing structure where the more people you get to sign-up, the more money you make.
How do I start a legal stokvel?
Which bank is best for stokvel account?
The Nedbank Stokvel Account comes with many perks for the members of the stokvel – from discount on groceries to paying zero monthly maintenance fees on a Pay-as-you-use Account.
How do I start stokvel?
Where do stokvel members get their coupons from?
Collects the grocery or cash coupons that members receive from supermarket chains when they buy provisions for the stokvel parties throughout the year, and distributed these coupons at the end of the saving period.
Where can I get a Cambridge food stokvel card?
Register your Stokvel Club at any Cambridge Food store and get your Stokvel Club Savings Card, so you can save with us during the year, gearing you up for your bulk year end purchases. You can also subscribe to our newsletters by clicking here!
How does a stokvel work in South Africa?
Stokvels are invitation-only clubs of twelve or more people serving as rotating credit unions or saving schemes in South Africa where members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis.
What do stokvel members do for a living?
Stokvel members traditionally meet regularly and make an occasion of the meetings. You may learn something. Some stokvels operate like investment clubs and invest in the stock exchange or companies. Members do their homework, deliberate about which shares or companies to invest in and make investment decisions.