SoatDev IT Consulting
SoatDev IT Consulting
  • About us
  • Expertise
  • Services
  • How it works
  • Contact Us
  • News
  • December 4, 2023
  • Rss Fetcher

For decades, stokvels have played a significant role in promoting a savings culture and assisting individuals in achieving their financial goals. Despite the challenging economic environment, stokvels continue to exhibit growth and evolve, serving purposes beyond their traditional scope.
As the festive season approaches, many stokvel groups will be dividing their contributions before the holidays. However, fraudsters and criminals are eagerly waiting to scam and rob stokvel members of their contributions. To avoid falling victim, it is advisable to adopt safer distribution channels that help members ensure they have the happy holidays they had planned for.
Cebile Magongo, Growth Specialist at FNB Cash Investments, says, “As we approach the peak season for stokvel withdrawals, we urge consumers to take the necessary safety measures when distributing their contributions. Our digital solution enables customers to distribute members’ contributions in a way that is safe and convenient.”
Magongo shares a few safety considerations for members when distributing their contributions:
1. Process all payments through safe and digital platforms to safeguard money and save on cash handling fees.
2. Conduct digital payments at the last stokvel meeting to ensure members’ funds are transferred into their personal bank accounts.
3. Avoid announcing stokvel meetings or withdrawal dates on social media, to friends, or family members—exclusive information for stokvel group members.
4. Avoid carrying and traveling with large sums of money during this peak season.
5. If not using digital channels, stagger withdrawals into different days to ensure contribution safety.
6. Make cash withdrawals during business hours when security guards are present.
7. Avoid making cash withdrawals on high-risk days, such as month-end.
8. Encourage stokvel members to invest or save a portion of their contributions for other important goals.
“While we understand that some stokvel groups still operate on a cash basis, they should take the necessary precautions to ensure their safety. We encourage members to avoid traveling alone when withdrawing money at the bank and rather go in a small group. This may help minimize falling victim to crime,” concludes Magongo.

Previous Post
Next Post

Recent Posts

  • How is Technology Modernizing Recruitment in Temporary Employment Services
  • Banking on a serverless world
  • Court denies Apple’s request to pause ruling on App Store payment fees
  • Cursor’s Anysphere nabs $9.9B valuation, soars past $500M ARR
  • Circle IPO soars, giving hope to more startups waiting to go public

Categories

  • Industry News
  • Programming
  • RSS Fetched Articles
  • Uncategorized

Archives

  • June 2025
  • May 2025
  • April 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023

Tap into the power of Microservices, MVC Architecture, Cloud, Containers, UML, and Scrum methodologies to bolster your project planning, execution, and application development processes.

Solutions

  • IT Consultation
  • Agile Transformation
  • Software Development
  • DevOps & CI/CD

Regions Covered

  • Montreal
  • New York
  • Paris
  • Mauritius
  • Abidjan
  • Dakar

Subscribe to Newsletter

Join our monthly newsletter subscribers to get the latest news and insights.

© Copyright 2023. All Rights Reserved by Soatdev IT Consulting Inc.