Trans­act­ing made easy

Mal­i­bongwe Mn­gomezulu speaks to stokvel ex­perts on how to make sim­ple, safer and faster trans­ac­tions

Move! Stokvel - - Contents -

TECH­NOL­OGY has pro­duced some amaz­ing re­sources over the years and this has made our lives easy. With tech­nol­ogy, no one can make ex­cuses about not be­ing able to pay their stokvel con­tri­bu­tion on time or los­ing money that they had put un­der their mat­tress for safe-keep­ing. How­ever, even with tech­nol­ogy, one still needs to be aware of safer and easy ways for trans­ac­tions.


Andile Fu­lane, a stokvel fi­nan­cial ed­u­ca­tion ex­pert, says the ris­ing pop­u­lar­ity of stokvels has meant that they have be­come tar­gets of fraud and vi­o­lence.

“We of­ten hear of peo­ple who started a stokvel only to take mem­bers’s money and run away with it. There are also What­sapp and in­ter­net stokvels mush­room­ing ev­ery­where and cre­at­ing vic­tims in the process,” he says.

Ac­cord­ing to Andile, there are a cou­ple of rea­sons why a stokvel must con­sider au­tomat­ing its fi­nan­cial trans­ac­tions.

“Firstly, they need to do it for safety rea­sons. A lot of stokvels have been robbed of their money when they've just with­dran it and they are about to share it.

Sec­ondly, some peo­ple still be­lieve in mat­tress bank­ing or keep­ing a large sum of money in their houses. There have been in­ci­dents where this money has been stolen.

Thirdly, it's dif­fi­cult to de­posit money to a cen­tral bank ac­count of a stokvel be­cause of the queues and the busy lives we live. Lastly, some stokvels are us­ing one mem­ber’s

bank ac­count to trans­act and they run the risk that they may lose their money if that mem­ber can de­cide to run away with it.

The other pos­si­bil­ity is that if that mem­ber passes away and the money be­comes part of their es­tate, the mem­bers will not be able to ac­cess it,” Andile ex­plains.


Andile says that stokvels need to use a cash­less sys­tem that al­lows them to con­trib­ute and re­ceive money from the cen­tral bank ac­count with ease and great safety.

“In­ter­net bank­ing can al­low for such but most stokvel mem­bers are old and can­not use the in­ter­net. For those, it would be bet­ter to use a tech­nol­ogy called the USSD Mo­bile Bank­ing,” he ex­plains.

“This al­lows you to do trans­ac­tions us­ing a num­ber usu­ally start­ing with*120*num­ber#. This is sim­ple enough to be used by any­one. Un­for­tu­nately, most banks nei­ther have in­ter­net bank­ing for stokvels club ac­counts nor a USSD sys­tem.”


An­other way to trans­fer money is through send­ing it by us­ing a ser­vice pro­vided by some se­lected stores.

What you need to do is to go to the cashier with your iden­tity book or card and the amount of money you wish to send, plus an amount for the money trans­fer.

The next step would be to se­lect a four-digit PIN num­ber of your choice and en­ter it to re­ceive a trans­fer num­ber. It is im­por­tant to only give the PIN and money trans­fer num­ber to the per­son who will col­lect the money on the other side.

You can send an amount from R1 to R5 000 per day, and up to a max­i­mum of R25 000 per month, to any­one. The money can be col­lected im­me­di­ately at any se­lected store in South Africa.

The per­son col­lect­ing the money will also need to go to the cashier with their ID book or card, as well as the PIN code and the money trans­fer num­ber that was given by the sender. Then they can with­draw the money. If there's some­thing that you don't un­der­stand, the cashier will be there to as­sist you.


“Stokvels should not hang on to the old way of do­ing things even if they have not been a vic­tim of crime or fraud yet. They must skill them­selves, move out of their com­fort zones and em­brace tech­nol­ogy to avoid fu­ture prob­lems,” says Andile.

“As a word of cau­tion, peo­ple in­ter­ested in join­ing a stokvel must re­mem­ber the core val­ues of a suc­cess­ful stokvel and that it is not a get-rich-quick scheme.

A real stokvel teaches us to be pa­tient. It's not only about money but about ubuntu and shar­ing. Stokvels are built on a so­cial cap­i­tal back­bone where peo­ple be­come more than just trans­act­ing par­ties, but friends who as­sist each other in good and bad times.

That’s how tra­di­tional stokvels have stood the test of time and man­aged to send chil­dren to school, build houses and start suc­cess­ful busi­nesses.”

So make sure that your stokvel moves on with the times and re­searches new ways of do­ing things. This will not only make things easy for you but it will also help pro­tect your hard-earned cash from fall­ing into the wrong hands.

Stokvels should not hang on to the old ways of do­ing things

With the many op­tions avail­able for mak­ing fi­nan­cial trans­ac­tions, stokvel mem­bers don't have to walk around car­ry­ing large sums of money

Mo­bile bank­ing makes it easy for stokvel mem­bers all over the coun­try to send and re­ceive money at a click of a but­ton

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