Stokvel Safety Check

Checks your stokvel against good practice (written rules, a bank account in the stokvel's name with more than one signatory, clear records) and the warning signs of a pyramid or Ponzi scheme dressed up as a stokvel.

Think about one stokvel, burial society or savings club you belong to or are thinking of joining. Stokvels are a proud part of South African life, and good rules protect everyone, including the treasurer. Private. Your employer never sees your answers. You can stop anytime.

Private: your answers stay on this device and are not saved. You can stop at any time.

What kind of group is it?
Does the group have written rules or a constitution that every member has a copy of?
Do the rules say what happens if someone pays late, stops paying, leaves the group, or dies?
Is the money kept in a bank account in the stokvel's name (not one person's personal account, and not cash at home)?
Do withdrawals need two or more signatories to approve them?
Is there a written record of every contribution and payout, shared with all members?
Are bank statements shown to members at meetings or shared in the group?
Are minutes kept of meetings and decisions?
Is the treasurer role rotated, or do two members check the books regularly?
Is the payout order (or grocery or funeral benefit) agreed in writing?
Optional: is the stokvel a member of NASASA (the National Stokvel Association of South Africa) or a similar stokvel body?
Were you promised that your money will double or grow very fast, with no risk?
Do you earn more by recruiting new members, or do payouts depend on new people joining?
Were you asked to pay into a personal account, in crypto, or to someone you have never met in person?
Is the group run mainly online (WhatsApp, Facebook, an app) by organisers you cannot meet or check?
Is anyone refusing to show records or the bank statement, or has money gone missing?