Savings Stokvels
Savings Stokvels
Mufhatu and ImPowerX Stokvel
The stokvel is for a minimum period of 12 months, starting in January/July.
Mufhatu is from January to January, and ImPowerX is from July to July.
There is no fixed contribution amount, one saves in line with their personal target and financial goals. Contributions to be made as electronic payments to a bank account opened in the name of the Stokvel. Members are allowed to make multiple contributions in a month, at any date that suits them. Withdrawals and distributions to members will be made between 17 and 20th of January or July each year, depends on which Stokvel it is.
There is a 12 months lock in period. If a member fails to make contributions or decides to leave the stokvel, they will only get their contributions back when distribution is made, as per above. If a member dies, contributions to be payable to their nominated beneficiary.
The aims and objects of the Stokvel are:
- To promote the culture of saving
- To provide support and instill discipline in members saving journey
