IT in Banking

‘Modern-day’ stokvel to help citizens save

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To modernise the traditional stokvel, Kunene Makopo Risk Solutions (KMRS) has rolled out an app-based version of the locally-influenced savings or investment method.

Powered by KMRS, the Imbewu StokVest app is the “modern-day” version of a stokvel, where social distancing meets technology to help solve consumers’ financial needs, according to a statement.

Furthermore, it is described as a product that vouches for clients to accomplish their aspirations by making monthly contributions. It also allows users to manage contributions, stokvel pay-outs and claims.

“The product carries hopes and dreams of both the old and younger generations. While it retains the old tradition of stokvels, it also allows for the younger population to save money without taking themselves seriously,” says KMRS spokesperson Bangi Makopo.

The stokvel has long been SA's favourite way for a group of people to save and invest.

According to the National Stokvel Association of SA, there are over 11.4 million individual stokvel members, belonging to over 811 000 groups. Collectively, stokvels are said to contribute about R4 billion to the national economy annually.

According to Makopo, consumers are always looking for products that are trustworthy and reliable, which is what Imbewu StokVest provides them with; the security in knowing that the future is accounted for.

After 24 months, each member will receive a pay-out calculated according to their specific plan. This is the same principle of any stokvel; the advantage with Imbewu StokVest is that clients have full control of their earnings throughout the year, he explains.

Consumers have a choice of three options into which to make contributions. Plan A costs R175 per month, with a yearly pay-out of R1 080. Plans B and C cost R550 and R1 250 per month, paying out R4 560 and R11 430, respectively.

Added features include family funeral death benefits for the main member, one spouse and up to five children.

Clients get to nominate the date to receive payment and StokVest payments are made directly to the member’s account.

How Imbewu StokVest works:

1.Download the app.

2.Sign-up on the app.

3.Members add their details.

4.The membership will be active and members choose their plan option.

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