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.