FORMATION:Sinoxolo Burial Society decided to create a stokvel to help with burial costs because they realised that often, death happens so suddenly and it is something many of them struggled to plan or budget for. The group is made up of a mix of young and old members, male and female.
MEETINGS & MONEY: They meet on the first Sunday of every month and each member contributes R170. They have to meet at a hall as they are such a large group. Each member deposits the money into the group’s bank account and brings the proof of payment to the meeting. The money is deposited to ensure that they keep clean records and so that they are not at risk of being robbed of large amounts of cash.
PAYOUTS: When a member or a member’s family member dies, R20 000 is deposited into the member’s personal bank account. It is then up to the member or their family to decide exactly how they would like to use the money in preparation for the funeral. When the person who has passed away is from a different province, the club arranges transport for them to be sent back home.
RULES: All members must wear their uniforms to meetings. A member must not owe the society for more than three months, unless they have reported that they are facing a situation that might cause them to miss payments. All members are required to be punctual and respect one another.
CHALLENGES: Despite everyone knowing the deadline for payment, late payments and not providing proof of payment continue to be challenges, which make dealing with finances and admin tiresome.
NAME: Sinoxolo Burial Society LOCATION: Katlehong, Joburg FORMED: 1998 MEMBERS: 1200 MEETINGS: Monthly CONTRIBUTION: R170
Stokvel Corner: Sinoxolo Burial Society understands that sometimes there are situations beyond their members’ control that might cause them not to make their monthly contributions on time, such as job losses. They encourage their members to come forward and explain their situation. Once they know what is going on, they keep that person on their books and do not terminate their membership. When a member can afford to pay again, they have to start paying from the month they stopped contributing.
If you want your stokvel to be featured in Move!, send us your contact details and a picture of your stokvel members to:firstname.lastname@example.org