The Gumbi Boys stokvel helps these men care for their loved ones in difficult times

The Gumbi brothers have been supporting each other since 2011.
The Gumbi brothers have been supporting each other since 2011.
savings/ Getty images

THE ESTABLISHMENT

It was eight years ago that a group of young men from Mabopane, north of Pretoria, decided to start a social club, Gumbi Boys Social Club, where they would each save money for their different goals. They get the money at the beginning of the following year. The reason for the formation of the club is that it’s normally hard to save money on their own. Most of the time they’d waste their money and spend it on things they didn’t need. Now the money is put aside for the stokvel. The club is casual in the sense that they don’t have a uniform, but they still believe in order to run Gumbi Boys.

MONEY TALKS

 Members are required to contribute a minimum of R200 weekly, but they are not restricted to that amount. The contribution gives each member a total payout of R9 600. But for members to share the interest on money invested, they have to contribute a minimum of R10 000 per year. Members are very committed and almost everyone makes the target.

Read more| Struggling to save? This is how you can join a Stokvel

The gentlemen meet weekly at a mutual spot on a Sunday afternoon to make their contributions and discuss concerns. Discipline is very important to them. Members are fined R20 for being late for meetings and R50 for using foul language during meetings.

Failure to attend a meeting or send your weekly contribution is a fine of R50. Those who send their contributions even when they’re unable to attend are only fined R20. The use of a cellphone is forbidden and a penalty of R30 is levied.

THE CHALLENGES

 The Gumbi Boys had some members not respecting time, but the implementation of the fine has reduced that. Yet the biggest challenge is related to the sharing of annual contributions.The club uses a bank that only allows transfers to accounts from the same bank, so members who do not bank with the same bank get their money in cash, which is very risky.

Read more | A group of friends share how they started their women-only stokvel to help with burials

 DEVELOPMENT AND GROWTH

Gumbi Boys want to add a burial benefit to the club. The members already contribute R200 each if a member loses a parent and R100 for a child or a sibling, but they want to epxand this. The young men also want to explore the country. The minimum weekly contribution is also being reviewed. The final decision regarding these plans will be taken early next year. ST

NAME Gumbi Boys Social Club LOCATION Mabopane MEMBERS 25 FORMED 2011 MEETING Weekly CONTRIBUTION Minimum R200 per week .

Stokvel Corner

The kind of club account Gumbi Boys Social Club has doesn’t allow them to send money to members who bank with different banks. This can be an inconvenience, frustrating and dangerous for the affected members. The issue of going to the bank and giving members a lump sum in cash is unsafe and unnecessary in this day and age.

Read more | 4 Ways to run a successful Stokvel society

USEFUL SOLUTIONS The club has been in existence for eight years and many members have been part of it since its inception. By now everyone should have bank accounts with the same bank as the club. This shows dedication to the club and makes life easier for everyone. It’s also not a bad idea for Gumbi Boys’ members to visit their banks and see how they can improve the current services the club’s account is offering.

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