In recent weeks, there have been numerous reports regarding the robbery of stokvel clubs. A recent incident was reported by The South African where a woman in Sekhukhune, Limpopo, was robbed of her stokvel funds at her residence. The woman, who resides with her daughter, was targeted at her home.Â
Criminals are increasingly targeting stokvel clubs during the festive season. It is advised that members of stokvel clubs prioritise safety and exercise caution when it comes to finances. Here are recommended strategies to ensure the safety of your money.
MAKE USE OF DIGITAL PLATFORMSÂ
According to Female Entrepreneurs SA, stokvel members are encouraged to use safe and secure digital platforms to process payments. Using digital platforms may mean using your bank app, if you have one, to transfer payments.
This will safeguard your money and lessen bank charges, as transferring money in most banks is free. It is advised that money transfers be made at the last stokvel meeting so when members leave, their money has already been transferred to them.Â
KEEPING QUIETÂ
It is advisable to refrain from disclosing details about your stokvel upcoming events and the dates where you will be meeting. Information can circulate rapidly, therefore increasing the risk of theft. To ensure safety, information should be disclosed to stokvel group members only.
AVOID MAKING CASH WITHDRAWALS DURING HIGH-RISK DAYS
If you are struggling with using digital platforms for money transfers or you are forced to withdraw money, do it safely. Avoid withdrawing cash on high-risk days when people get paid such as the end of the month.Â
DO NOT CARRY LARGE SUMS OF CASHÂ
When withdrawing, avoid carrying large sums of cash with you. For example, if the total amount for your stokvel group is R200Â 000, do not withdraw the whole amount on the same day. You can withdraw R30Â 000 today, maybe after two days, withdraw another R30Â 000 and follow the pattern.Â
KEEPING SAFEÂ
FNB mentioned that when a stokvel member has to withdraw money, they should ensure they are not alone to avoid handling money themselves or falling victim to robbery. Avoid taking pictures of cash and posting them on social media.Â
Have you ever encountered a dishonest member in your stokvel group and what did they do?
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