FORMATION AND STRUCTURE: It might have started off as a joke in 2017 between a group of male friends in their early 30s, but now Naledi Brothers is a fully fledged club. The aim of the stokvel is to give members financial freedom to buy things they need. This could be new furniture or building material to improve their homes. The members take turns to give each other R10 000 per month and there are 11 members.
Members meet once a month at a spot in Naledi, Mamelodi West. There is no specific time for the meeting, but the latest a member can arrive is at 3pm. Each member brings their own drinks so that they can relax and chat about the agenda for the month.
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RULES OF THE CLUB: The club has a bank account where members deposit their monthly contributions of R1 030 each. The R1 000 is for the member who is getting paid that month and R30 is for bank charges and admin fees. By the seventh day of the month, the money should be in. A late fee of R50 per day is applicable afterwards.
If a member has missed too many days, a flat fee of R500 is given as a penalty. By the seventh the club will make a deposit to the relevant member’s personal account. The member decides what they want to buy and lets the club know before the money is transferred.
The item needs to be something that will help improve the life of the member and needs to be approved by the club.
Proof of payment and pictures of the items must be sent to the club’s WhatsApp group before the next meeting after the member has received their money. A member who does not comply with this rule will face disciplinary action.
OUTSIDE THE CLUB: Since the members are relatively young, they enjoy socialising and exploring new adventures outside the club.
Members sometimes enjoy a game of golf or potjie Sundays together. These activities are not restricted to members only and are not compulsory either.
TRIALS AND CHALLENGES Members have to wait until it’s their turn in order to buy something they need. But when the R10 000 gets deposited into their bank account, it can be tempting to buy things which have not been agreed upon.
This is one of the challenges the Naledi Brothers have encountered. But because this is a ‘brother’s building each other’ initiative, the club does not tolerate purchases that are not going to improve the lives of member. Another challenge is late payment of contributions, which may delay payment into a member’s personal account.
The club always makes sure that the group account has at least R2 000 in case two members make late payments to avoid inconveniencing one of their own .
NAME: Naledi Brothers Club LOCATION: Mamelodi West MEMBERS: 11 FORMED: 2017 MEETINGS: Monthly CONTRIBUTION: R1 030
Easy going:It is important to know the kind of members you have in your club to establish the kind of stokvel you envisage. For example, Naledi Brothers have been friends for many years. Their stokvel is not too formal and rigid because they know each other very well and they are not worried too much about a member disappearing with their money or issues such as respect.
In your club: A club should still have rules even though members know each other very well. You shouldn’t let your relationship blind you from doing what is correct. If members are meeting for the first time in the stokvel, it is important for members to be vigilant and make sure they benefit from the club