It's that exciting moment stokvels have been looking forward to for the last 11 months – access to their contributions.
But they are not the only ones keen for the end of the year – criminals are also waiting with bated breath, looking for ways to rob those who have saved and sacrificed for so long.
It’s important that withdrawals from stokvels are made carefully at this time, says Growth Manager for FNB Cash Investments, Sifiso Nkosi.
“The year 2020 hasn’t been an easy year for many households but stokvel groups remained resilient and continued to save for their group goals,” he says.
“Stokvel members are excited about the work they have put in throughout the year to save for their various needs. We therefore encourage them to be cautious when withdrawing during the busy withdrawal season.”
Here are Sifiso’s six tips for stokvel groups to consider during this time:
- Arrange for the club’s payout to be electronically transferred into each club member’s personal bank account or accounts of their choice instead of collecting cash contributions.
- Avoid making cash withdrawals of club members’ contributions on high-risk days, such as Mondays and month-ends.
- The person assigned to withdraw the contributions must be accompanied by another club member to avoid handling the funds alone or falling victim to robbery.
- Avoid withdrawing large amounts of money at an ATM, especially after hours or at congested places where criminals are waiting to pounce.
- Do not withdraw all the funds at the same time. Consider staggering the withdrawals on different days to ensure your contributions are safe.
- Don’t announce the stokvel withdrawal plans on social media or share pictures of the cash, as you might open yourselves up to being targeted and defrauded.