Finweek English Edition - - MONEY -

Stokvels may be a tra­di­tional sav­ings ve­hi­cle, but they are def­i­nitely mov­ing with the tech­no­log­i­cal times.

Re­spond­ing to the needs of stokvel mem­bers in seek­ing peace of mind about funds de­posited into the stokvel ac­count, en­tre­pre­neur Keaobaka Ra­mantsi came up with the Stokii App con­cept. He says this app, avail­able on An­droid and Win­dows phones, will pre­serve trust as it brings trans­parency to the work­ings of the stokvel group.

“The app au­to­gen­er­ates an email ad­dress, you take that email ad­dress to your bank and they use it to no­tify the group about move­ments in the bank ac­count,” says Ra­mantsi. Each mem­ber can also use their cell­phone num­ber to gen­er­ate a unique pin, which will al­low them to ac­cess the stokvel ac­count’s trans­ac­tion his­tory. un­der­stand the con­cept. But we also have ju­nior de­grees and we think we can do this bet­ter. We are tak­ing what we grew up with and start­ing to put it in prac­tice, say­ing let’s put money aside but for other things other than burial. In English it’s called crowd­fund­ing, but to us it is stokvels,” says Hollo.

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