HAVE YOU HEARD? The People’s Stokvel is now a Co-operative Financial Institution registered with the Prudential Authority and can offer savings and credit to members only.

Ok, you might be asking, what is The People’s Stokvel (TPS)? What is its purpose and how does one get involved?

Simply, we are building a bank R100 at a time. The People’s Stokvel is a call to action for all of us to invest in small black-owned businesses. There is a joining fee of R1600 and we all contribute R100 a month thereafter. The contributions will then be used to fund purchase orders through The People’s Fundat a fee starting at 6% of purchase order value. Because a CFI can only lend money out to its members, entrepreneurs seeking purchase order funding through The People’s Fund, are required to join The People’s Stokvel.

Now that we know what it is, let’s dive into the background of TPS, where it stands today and how you can get involved.

A LOOK BACK

The People’s Stokvel was initially started in November of 2017 as The Brownsense Stokvel with the main objective of funding return yielding assets for black-owned businesses. 

In line with the vision of one day becoming a commercial bank, the board chose to have the stokvel function in the manner a CFI would, this was done in preparation for the inevitable registration of our CFI. 

TPS: AS THINGS STAND

As mentioned earlier, The People’s Stokvel is now a Co-operative Financial Institution (CFI); this application to register was lodged in September 2018. In short, a CFI is an institution that can take deposits and offer credit to its members only.

A VIEW OF THE FUTURE

The end goal is to become a commercial bank, this is a fully-fledged bank owned by shareholders and thereby governed and registered with the reserve bank. 

WHAT MAKES THE PEOPLE’S STOKVEL UNIQUE?

TPS will be owned equally by its shareholders. Stop and think about that for a second. No one person will own a larger stake than another. This is deliberate on the part of the founders and will shift how the financial landscape.

HOW TO APPLY

In the age of digital, our 100% Black Owned stokvel is managed on Stokfella – a mobile Financial Services Provider regulated by the Financial Services Board (FSB Number: 48812 ). All purchases of the Assets for The People’s Fund; statements of balance, deposits into the stokvel, and administration are done through the app. 

NB, It’s very easy to join: 

  1. Go to Google Play or iStore
  2. Download the Stockvella app
  3. Once inside the app, click on the blue plus button, select ‘Join Group’
  4. Search for ‘The People’s Stokvel’

For any additional questions or queries, please see the following:

Frequently Asked Questions – https://peoplestokvel.co.za/faqs/

TPS Constitution – https://peoplestokvel.co.za/constitution/

CFI Prospectus – https://peoplestokvel.co.za/wp-content/uploads/2018/07/The-Peoples-CFI-Prospectus-compressed.pdf

We invite you to come build a bank with us ngeKlipa Jo! 

5 thoughts on “”

  1. Hi. Is it Stockvella or Stokfella App? I think it’s a typo on your side. I didn’t find “The People’s Stokvel” in the search for joining a group

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