Finlee

about Cash Stokvel

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Overview

This form of stokvel is the simplest. People who trust each other contribute any amount to the stokvel and each member will get the total amount in sequence from members 1-12 or more.

How it works

5 Members contribute R 10 each and the first member will receive R 50 on Monday and the second member on Tuesday and so forth. This goes on until the stokvel is disbanded.

Rotational

You contribute based on the number of members participating on a monthly basis

Benefits

For Rotational

It improves your savings habits
You know the people that are participating
Funds transferred to your account monthly

For Sponsored Rotational

It improves your savings habits
People receive the amount equally at the same time
You don't have to wait for your turn
Disbursement of contribution alternates between two groups (Group A and B)

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Getting Started Start contributing

Search and Join

Find the groups your interested in participating by either searching for them or joining the ones being created by Finlee

Create

You create 2 types of stokvels for 2 purposes for money or birthdays. Each type of stokvel provides different benefits.

Contribute

You can contribute for each month in advance to show members that you're a trustworthy person and prevents any issues in the long run.

FAQ Have questions

What is this about?

This is a type of stokvel for those who are just interested in getting cash to use for personal purposes. You can participate in a normal stokvel or sponsored stokvel

What are the fees?

To create a group is free if there is only 6 members but if theres more than that it will be R 15+ and this includes processing fees

Which payment processor are you using?

We use Payfast to process all payments

Will money be deducted automatically?

At the moment, NO. You will have to make sure you contribute towards the stokvel within a period of 25 days

How is the schedule determined?

The schedule is automatically set based on when you have joined and can not be changed and you can see who or when is getting the funds

what happens if someone does not contribute on a specific month?

The person will not get any funds when it is his/her turn or alternatively he will have to pay a bit more the following month

If you have more questions please send us a message or comment via our social media pages.

Note: Finlee is point-based financial service that enables you to unlock access to certain services such loans by using points. You have the option of applying for certain service using points/cash or for free.

PayFast: We use a payment processor to process all types of payments from debit to credit and more which is processed securely.