Maphunye’s journey as a member thus far has not only been rewarding but eye-opening too.
“I think I still had this traditional format of what stokvels were. So, this just opened my eyes that we could use the stokvel format to actually grow other areas and still make money.”
To date, the Masedi Education Projects Stokvel has assisted two schools in the Limpopo province, with one of the schools being able to hire seven staff members after renovations. With an estimated worth of R1.9m, the stokvel is expected to start on its third school soon.
According to Bishop Willie Mashegwana, founder of Tshepo Christian School, which has worked hand-in-hand with the stokvel, the difference made in terms of the school’s renovations has been remarkable.
“Masedi found us at a time when we were not dying, but we were also not growing either. We had one block for all the classes, an unfinished block and an admin block that did not look appeasing to the eye at all. They raised R65,000 in three weeks’ time and we were able to put a roof over the unfinished block,” he said.
Mashengwana further concurred that they have entered into a contractual agreement with Masedi, which is backed up by movable property and stipulates an interest rate of 13%. Since the renovations, Tshepo Christian School has seen an influx of learners and the school is vibrant.
“At the moment, we are standing at four blocks with four classrooms each, a security house and flushing toilets through Masedi,”said Mashegwana.
As the stokvel continues to grow, members of Masedi aim to continue living by their mission of making quality education accessible. They also anticipate greater and more rewarding heights not only in Limpopo, but throughout SA.
“As we build schools, we are obviously going to hire people, whether it’s teachers, gardeners or admin workers. That’s our contribution to the South African employment market because people are unemployed,” said Phahlamohlaka.