START NOW PROTECTING STOKVEL MONEY

Sir,

This is a word of advice to stokvel (savings and credit co-operatives) owners, that they must start as early as now, ensuring that all monies invested are safely stored or banked. We don’t want a repeat of the scenario where every year there are heart breaks, tears and arrests after stokvel money went missing. If you start calculating the savings in November, you are too late, the culprit has already squandered it and has no means to pay it back.

Returned

By now, make sure everyone who borrowed money has returned it, or will do so by the end of the month.Remember that it’s not just stokvel members who are eagerly awaiting for  their annual savings payouts. Criminals also know that many people will have more money in the coming months, and they are always looking for ways to steal it. If you are a stokvel leader or member, you need to be extra careful with your cash during this period.Make electronic payments. If you are the leader of a stokvel, try to pay out as little money as possible in the form of cash.  Pay and receive money from member by electronic funds transfer. This way you will ensure that every transaction has proof. Start now, checking all those transactions that were made in the course of the year.This minimises the risk of having to withdraw big sums of cash from the bank and transport it to the place where members get paid.

Cautious

Be cautious at automatic teller machines (ATMs). If you are a stokvel member and you have to withdraw money from an ATM, try to avoid machines located in high-risk areas and don’t do your withdrawals at night. If possible, you should try to withdraw your money from an ATM located in a shopping centre or somewhere where there is security close by. Alternatively, use MoMo or Emali.If you will withdraw money, don’t announce the day and time to anyone. If you will withdraw the money on Friday, tell people that you will go there on Tuesday.  
Do not withdraw all your money at once. If you have to withdraw cash, do it in small amounts over a few days, rather than withdrawing it all at once. That way, you don’t have to carry a lot of cash on you, and if you do have the misfortune of someone stealing your money, they won’t be able to take all of it – you’ll still have more in the bank.

Sebentile Dlamini

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