Stokvel members left empty-handed

‘Disappearance’ of funds, crime play large part Avoid becoming a victim

STOKVELS, the informal schemes designed to help people save for the December fever, have in recent years been marred by robberies and fraud.

At this time of year, hundreds of stokvel groups split savings among members. However, the recent spate of crimes has made the business of saving a risky one.

The SA Banking Risk Information Centre ( Sabric), on behalf of the banking industry, has issued a warning to stokvel social club members to be extra cautious when distributing or collecting their monies.

Kalyani Pillay, chief executive of Sabric, said: “It is very distressing that bank clients who are the victims of stokvel robberies are often injured or even killed during these incidents.

“This is why we urge them to find safer ways to transact, such as internet transfers or mobile banking, instead of carrying around large amounts of cash.”

Sabric said there had been 53 stokvel robberies reported over the past three years, 77% occurring during the festive season.

Mapeseka Ngcube, 38, from Khayelitsha is one of the latest victims.

The mother- of- two told Weekend Argus she had plans of going to the Eastern Cape with her family for the festive THE SA Banking Risk Information Centre’s tips to avoid becoming a victim of stokvel theft:

Members are urged to:

Refrain from making cash deposits of club members’ contributions on high-risk days (for example, Monday after month end).

Ensure that the persons depositing club cash contributions or making withdrawals are season. She had made all the necessary arrangements and was waiting for her R23 000 stokvel payout – when her club was robbed.

“The money is gone, I have no idea what I am going to do for the rest of the month because I considered that money to be my savings for the holidays,” Ngcube said.

One of her children is to start high school next year, and she had hopes of paying “at least one term’s worth of fees, buying a uniform and then going away to visit family in the Eastern Cape”.

“I have been numb from the pain since we were told that all the money was gone.

“No explanation, simply that the money was not available and we can only sit again in the new year to discuss what had happened as some of the members were not available.”

The single mother makes a accompanied by another club member.

A stokvel savings club or burial society can arrange for members to deposit cash directly into the club’s account instead of collecting cash contributions.

Arrange for the club’s pay out to be electronically transferred into each club member’s personal account or accounts of their choice. living selling “smileys” (sheep heads) in Khayelitsha while her eldest son works for a construction company.

Orienda Siboya, 42, from Delft said she hesitantly joined a stokvel at the start of the year after she was recruited by a neighbour.

“I have never wanted to be part of stokvels because of all the rumours of people’s money being stolen.

“But because of the great reviews I had got about this particular stokvel, from people I trusted, I thought I should give it a try hoping it would help me save on my December spend.”

The Shoprite employee told Weekend Argus that “as part of a big family and being expected to contribute certain things for the festive season it is really heartbreaking to know I will not be able to provide as I had planned and hoped”.

Siboya contributed R375 a month to her stokvel with the hopes of getting meat packs as well as Christmas snacks.

“Two weeks before the set date to divide the Christmas goodies, we were told the treasurer had fallen ill.

“We attempted to get hold of her on several occasions until her mother eventually told us not to worry that our packs would be ready on the prescribed date.

“It never happened.

“Some of the members got half of what they were meant to get while others received nothing,” said the frustrated woman.

Both women have a long history of friends and relatives who belonged to stokvels, but claim no one they knew closely had suffered their ill-fate.

“I joined because many people around me have been able to do great things with stokvel money. It is a great way to save and we do not have to worry about bank charges or tax. But clearly it has become a risky business,” said Ngcube.

Sabric concluded by saying: “Criminals are more likely to target members as they know that they are being paid out for the holidays.

“In addition, criminals also know that people are winding down and may not be as careful when carrying large amounts of cash.”

asanda.sokanyile@inl.co.za