Banks advise stokvels to use digital alternatives
Banks are encouraging stokvels to adopt safer money distribution channels.
Most of the savings schemes usually split the contributions among members at this time of the year.
But in recent years, some of the groups have fallen victim to fraudsters and other criminals.
Growth Specialist at FNB Cash Investments Cebile Magongo says stokvels can use digital solutions to distribute members' contributions in a way that is safe and convenient.
"Consider doing all digital payments at the last stokvel meeting, ensuring that when members leave the meeting, funds have been transferred to their personal bank accounts.
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"Avoid discussing stokvel meetings or stokvel money withdrawal dates on social media, to friends, or family members. They should only be exclusive to stokvel members."
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