FORMATION: This group was formed in 2015 and they named themselves Siyaphambili, meaning “going forward”. The members started this group to help each other save money for their children’s education. They also wanted to avoid the struggle of not affording school uniforms, books and fees at the beginning of each year.
MONEY MATTERS: The group meets on the 15th of each month, but if the 15th falls on a weekday, they meet on the Saturday of that same week so they can have enough time to discuss issues. Each member contributes R700.
They take turns in hosting the monthly meetings. When it is a member’s birthday, they all contribute R1 000 each as a gift for that person and at the end of each year the group goes on holiday together with their families.
When a member is late for a meeting they must pay R50 and if they borrow money from the group savings and do not pay it back in time or did not pay the 20% interest, they need to pay R300 as a penalty.
CHALLENGES: One of the biggest challenges the group has faced since its formation has been the retrenchment of one of the members. A member not having any source of income means not being able to pay their monthly contribution.
They decided to buy the member a truck so he could start a driving school and made payment arrangements with him. Fortunately, his driving school business picked up fast and he was able to pay back the group in less than a year.
NAME: Siyaphambili group LOCATION: Pietermaritzburg YEAR FORMED: 2015 MEMBERS: 11 CONTRIBUTION: R700 MEETINGS: Monthly
Stokvel Corner: This group advises anyone who is a member of any stokvel or thinking of joining one, to open saving accounts for the group. This avoids a member being responsible for cash and possibly misusing it.They also suggest that all the decisions that are made concerning the stokvel must be made as a collective. Decisions should be captured so it can be referred to .
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