The People’s Stokvel (formerly The BrownSense Stokvel) is a call to action for all of us to invest in small black owned businesses. Basically we all contribute R100 a month after paying a R1600 joining fee. The contributions will then be used to fund purchase orders through The People’s Fund.
Does the stokvel have a constitution, and where can I find it?
The StokFella App has a pre-populated constitution for the members which covers most of the framework within which we operate. It is a living constitution, which means it can be and will be amended accordingly based on the mandate of the Stokvel. You can also view the constitution on the constitution page found in the menu. Or Click Here
Are there any contractual agreements governing this?
There are contractual agreements with all parties involved at each stage of the process, from you signing up to the Stokvel, to the Stokvel money purchasing assets to the entrepreneur to the point the return is paid back by the entrepreneur.
Is the Stokvel open to under 18 year olds?
At this stage it is not open for under 18s. Each person can represent only one person( themselves). If someone under the age of 18 wants to participate their parents/ guardian needs to do it on their behalf.
Will the co-operative bank have a working committee?
When time approaches to register as a Co-operative Financial Institution (CFI) we will have a working committee elected by the members. As a starting block, the stokvel has a single mandate to purchase assets on The People’s Fund. This is in the interests of expediency so that things are simple. There will be a guiding principle for the purchase of the assets, however, which is diversification.
As the Stokvel grows we will look for governance mechanisms that allow for the election of members based on experience in the respective fields. Currently, as the mandate is clear, the administration only requires the communication of which assets the Stokvel owns currently and the proceeds due to it.
What is The People’s Fund?
The People’s Fund is a digital asset crowdfunding platform (comprising of BrownSense Group, Paybook, The Hook Up Dinner, and Mr Sizwe Zim) which is used to fund Black owned businesses by using asset crowdfunding as a tool. What this means is that the people work together as a collective to raise funds to help a business grow, and the people get a return on investment from the business they contribute into.
The People’s Fund intends to have at least 3 new businesses on the platform per month. The main mandate of the Stokvel is to buy assets equally across the campaigns to have a diversified portfolio which would give us the desired return.
NB!! FIRST & FOREMOST, WE NEED TO DECLARE THAT THIS DOES NOT CONSTITUTE FINANCIAL ADVICE IN ANY WAY. WE HAVE MADE OUR PROJECTIONS BASED ON HISTORICAL YIELDS. BUYING ASSETS THAT WILL BE RUN BY A SMALL BUSINESS IS RISKY AND YOU SHOULD ONLY COMMIT MONEY YOU ARE WILLING TO LOSE.
Why is the joining feee increasing by R100 every month?
We want to ensure that everyone contributes the same amount at any stage they join the Stokvel. So the joining fee will increase by R100 every month to ensure that everyone has contributed the same amount at time of joining Stokvel. So in December 2017 the joining fee was R200 and January 2018 was R300 and in October of 2022 will be R6000. You pay the joining fee once the first time you join. Then your monthly contribution will be R100 per month there after.
Who holds the bank account into which the payments are made?
The bank account is held under the StokFella trust account. StokFella can only action or have access on the bank account according to the mandate of the Stokvel and the instructions given on its platform.
Will I have sight of the financial state of the Stokvel?
Yes, the financial state of the Stokvel will be constantly available to you as a Stokvel member through the app.
As stakeholders, are we going to be able to vote on the direction that the Stokvel is taking or the acquiring of new assets?
As the mandate is clearly set out and all investments are done on the principle of diversification, the assets will be bought equally across the campaigns that are available on The People’s Fund. PS: any entrepreneur looking to get funded by the Stokvel will also need to be a member of the Stokvel and approved under The People’s Fund rules.
What happens to my investment / contributions if I pass away?
The laws that govern how a deceased estate is wound up will govern you here. It will be up to your will if you have one. If not, consult a legal adviser about who then qualifies as your next of kin etc.
How long is the waiting period before I can claim, and what happens if I want to claim before the waiting period ends?
The money is tied in for five years. If after two years you decide you no longer want to be a part of it, then you will be paid out what is due to you at that exact moment after the end of the five year period. PS: please avoid clicking on the claim button in the app. It’s there as a standard feature for all Stokvels on StokFella but has no use in the Stokvel as the mandate has been clearly set out for the Stokvel in the previous point. As the claims need to be approved by the steering committee it will always be rejected. PS: it also sends out an email to everyone in the Stokvel when you click on this (in the interest of transparency) and will become a tad annoying to keep getting these notifications.
How often will you send statement of accounts or how else will statements be accessed?
The Stokvel statements are readily available on the app and website. We will be emailing asset performance from The People’s Fund every quarter.
Is there a min number of people you need to make this feasible? Or will joiners get full access to services from month 1?
There is a 200 member and R100k minimum for the CFI. In terms of membership & capital, the Stokvel has surpassed the required numbers. We are looking into how we move the Stokvel forward into a CFI before the last quarter of 2018.
What category of FSP license does StokFella have, and has anyone in the group ever managed funds?
StokFella has the category to be an intermediary service provider, which simply means they are merely a conduit for Stokvels on their platform in executing the mandate given to them through their platform. The funds are managed by the Stokvel and its members according to the Stokvel mandate.
How long is the waiting period before I can claim, and what happens if I want to claim before the waiting period ends?
The money is tied in for five years. If after two years you decide you no longer want to be a part of it, then you will be paid out what is due to you at that exact moment after the end of the five year period. PS: please avoid clicking on the claim button in the app. It’s there as a standard feature for all Stokvels on StokFella but has no use in the Stokvel as the mandate has been clearly set out for the Stokvel in the previous point. As the claims need to be approved by the steering committee it will always be rejected. PS: it also sends out an email to everyone in the Stokvel when you click on this (in the interest of transparency) and will become a tad annoying to keep getting these notifications.
Have you registered with the SARB, FSB and NCR?
The Stokvel does not give credit/loans to any member or anyone hence not registered with NCR. The stokvel is to function within the stokvel FAIS act of ‘Exemption of Burial Societies and Stokvels’ when executing its mandate. When the Stokvel morphs to a CFI, it will have to and must abide by the SARB, NCR, FSB and any regulation required.
What kind of bank card can I use to make payment?
You can use a chip and pin enabled bank card. This is normally your credit card and your cheque card.
PS: It is important to note that using credit card means you are likely paying with money that you are borrowing from the bank on credit. We do not encourage this as the number one rule about any form of investing, is that you invest money of your own (i.e. money you saved). We would like for The People’s Stokvel to make you money, and not put you in debt.
How do I make payment?
To make payment, you must select the blue plus sign bottom of the screen on the StokFella App. Then select The People’s Stokvel. You will then have options to either pay using your bank card or EFT or Retail deposit. We prefer if you pay using EFT. Select ‘Submit’ to generate a unique reference number for you. Please make sure you select ‘Done’ and use the reference provided to you (in the app and via email) so that the payment is allocated to your profile.
How do I contact you?
For queries related to the stokvel please e-mail admin@peoplestokvel.co.za
For queries related to how to use the Stokfella App please use info@stokfella.com
To speak to us on the phone please call: 011 026 1474