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South Africa’s stokvel economy is worth about R50 billion annually with more than 800 stokvels operating across the country. Given the size and economic impact, there are legitimate concerns about how stokvel members can protect themselves from liquidity issues and from falling victim to scams and pyramid schemes.

“Given the size and economic impact, there are legitimate concerns about how stokvel members can protect themselves from liquidity issues and from falling victim to scams and pyramid schemes.” says Jacqui Rickson, Chief Executive of Group Benefits at Sanlam Developing Markets Limited.

“As consumers, we have the right to ask as many questions as we like about anything in which we invest our hard-earned money, whether it’s an investment product, a retirement savings product or a stokvel,” says Jacqui Rickson, Chief Executive of Group Benefits at Sanlam Developing Markets Limited.

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With this in mind, Sanlam, in partnership with the National Stokvel Association (NASASA), recently launched a brokerage and designed a full product for burial stokvels to serve the stokvel market in a manner which enables it to formalise its preferred mechanism of saving, while still retaining its traditions.

NASASA Financial Services (Pty) Ltd is a self-regulating organisation with a database of 125 000 stokvel groups, reaching about 2.5 million individuals. The new entity will foster greater financial inclusion for all members and offers people the security of being able to access their funds when they need it.

 

 

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