Finding ways to easily manage your stokvel's finances can be stressful and time-consuming. Not to talk about the admin work that has to be put in. 

Many people still believe in going into an institution for banking services. On the other hand, the elderly still believe that they could lose their savings while using technology to make transactions.

In comes StokFella, which makes it easy to do safe transactions and manage your stokvel whenever and wherever you are.

StokFella's co-founder and head of sales Pearson Maake tells us more about the platform which has over 30,000 members.

What is StokFella?

• ​StokFella is an online secured savings club account that enables the power of the collective.

When was it established and what was the purpose?

• ​StokFella was established in March 2016 and the purpose was to make sure we resolve the administration burden and transparency pain points for stokvels.

What are the joining requirements?

• In an instance where an individual wants to join an existing stokvel on StokFella, he/she needs to sign up on the StokFella app, read and understand the constitution of the stokvel they wish to join, then easily request to join the group for the executive approval.
• In an instance where an individual wants to start their own group or move their existing group from another bank onto StokFella, they can WhatsApp us on 078-185-3074 for assistance.

How do stokvels join StokFella and how many members should each club have?

• ​A stokvel can join StokFella by WhatsApp for assistance or one of the executives can easily sign up, create a profile, then open a club account and invite their members. They could have a minimum of three members to as many members as their stokvel wishes to have. Our expert sales consultant will be there every step of the way to guide them.

What are the fees involved?

• ​For stokvel groups with less than five members, it’s a free monthly subscription for solving their admin burden and transparency pain points. For groups of more than five members, we charge a monthly subscription fee. The more members in a stokvel, the lesser subscription fee we charge.

What kind of accounts can stokvels open and what is the difference?

• ​Nala savings account and Nala 32-day notice account. The difference with the two is that 32 days’ notice account you earn more interest, however, your stokvel claims or withdrawals get paid only after the notice period of 32 days is finished.

How do stokvels make payments and when are they processed?

• Stokvels can make payments via EFT, retail stores and bank card;
• EFT payments are free and may take one to three working days to reflect on our app; and
• Retail stores and card payments reflect immediately, however this comes at an extra charge.

How do stokvels make claims and when are they processed?

• When a claim or withdrawal is submitted by a member to their stokvel on StokFella, all three executives have to approve before our system can commence with the payment process. Valid approved claims or withdrawals the system processes daily.

Is StokFella accessible online?

• Yes, StokFella provides 100% transparency via our app or website to all stokvels no matter what they do or how big or small their goal is.

Is Wealth Building Made Easy your payoff line? Why and how?

• Wealth Building Made Simple: We believe that when likeminded people come together, it's easier to create wealth. As the great African proverb says, "if you want to go fast, go alone. If you want to go far, go together." StokFella assists stokvels to connect with likeminded stokvels and use the power of their collective to enter into different industries or opportunities.

How important is it for stokvels to create wealth?

• ​It is critical of stokvels to always think about ownership. The more they own what they consume, the more the quality of stokvel members' lives will change for the better. This is why we emphasise that stokvel groups understanding the power of their collective is a first step to financial soundness.

Where do you see StokFella in five years?

• ​We see ourselves in the next five years as a leader in the stokvel industry and assisting every stokvel reaching its full potential.

What security measures are in place to keep scammers away?  

• Every stokvel member on our platform has to enter their own unique PIN that is not shared with any member. Each time they login, a secured OTP (one time password) is required. Further to this, we apply the latest technology that picks up unwarranted member behaviour and alerts all members of the stokvel.  

mashabas@sowetan.co.za