Stokvel

In South Africa, a stokvel is an invitation-only club of twelve or more people serving as a rotating credit union or saving scheme.

The name stokvel originates from the concept of "stock fairs", as the rotating cattle auctions of English settlers in the Eastern Cape during the early 19th century were known.

[1][2][3] Stokvels generally have a constitution which dictates the size of the contributions, when the accumulated money is to be paid out and the roles and responsibilities of the members.

Its board of directors includes Miziyonke Mtshali (CEO), Siphumelele Macozoma (COO) and Nsika Masondo (CFO).

Burial societies can be seen as the product of urban living and appear to have evolved in order to aid migrants from the rural areas who find themselves facing problems in a strange and hostile environment.