How SA’s stokvel memeber can protect themselves from stokvels who breach financial sector laws.
Loading player...
GUEST – Andrew Lukhele is the founder and chairman of the National Stokvels Association of South Africa
The South African stokvel sector is massive and controls vast financial resources. It holds an estimated R49.5 billion in member savings and has some 11.6 million participants. A stokvel is a type of informal credit union in which members agree to contribute a fixed amount of money to a common pool weekly, fortnightly or monthly. However, who protects these members from fraudulent stokvels?
The South African stokvel sector is massive and controls vast financial resources. It holds an estimated R49.5 billion in member savings and has some 11.6 million participants. A stokvel is a type of informal credit union in which members agree to contribute a fixed amount of money to a common pool weekly, fortnightly or monthly. However, who protects these members from fraudulent stokvels?
