The People’s Stokvel is a call to action for all of us to invest in small black owned businesses. Basically we all contribute R100 a month. There is a joining fee of R1600. The contributions will then be used to fund purchase orders of members of the stokvel at a fee of 6% of purchase order value.
What Do We Do With Our Collective Earnings?
We are registering a bank. We have currently submitted an application to the Prudential Authority at the Reserve Bank to become a CFI (Co-Operative Financial Institution). This will allow the stokvel to function in almost every way like a bank.
Where Is This Stokvel Run From?
The stokvel will be run from the Stokfella Platform (Android & iOS Apps available. www.stokfella.mobi for mobile site). Once registered on the app, simply click on the blue plus button at the bottom of the screen and click “Join Group”; search for The People’s Stokvel and you will be ready to go.
A Bit Of History
We started this journey in November of 2017 as The Brownsense Stokvel and have evolved since then. Initially our main objective was to fund return yielding assets for black owned businesses. We have put a sizable amount of capital into this endeavor and some of these assets have already yielded results. In line with becoming a CFI, the board chose to have the stokvel function exactly like the CFI would, so as to allow us to start prep for the inevitable registration of our CFI. With this, it means that we have focussed all of our attention on purchase order funding.