SOUTH AFRICA - AUTHORITIES URGE STOKVEL CLUBS TO BE EXTRA CAUTIOUS OVER THE FESTIVE PERIOD

Members of stokvel social clubs are urged to be extra cautious when distributing stokvel savings this festive period.

 Criminals are more likely to target members as the festive season approaches, as they know that they are being paid out for the holidays.

Rather find safer ways to transact, such as internet banking transfers or mobile banking, instead of carrying large amounts of cash.

TIPS FOR STOKVEL GROUPINGS

Refrain from making cash deposits of club members’ contributions on high-risk days (e.g. Monday after month end).

Ensure persons depositing club cash contributions or making withdrawals are accompanied by another club member.

A stokvel savings club or burial society can arrange for members to deposit cash directly into the club’s account instead of collecting cash contributions.

Arrange for the club’s pay out to be electronically transferred into each club member’s personal bank account or accounts of their choice. See less