Definitions for stokvel
stokv·el

WiktionaryRate this definition:0.0 / 0 votes

1. stokvelnoun

   the informal gathering of savings amongst a group of people, which is handed out to each person, one after the other

WikipediaRate this definition:0.0 / 0 votes

1. Stokvel

   Stokvels are invitation-only clubs of twelve or more people serving as rotating credit unions or saving schemes in South Africa where members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis. The name “stokvel” originated from the term “stock fairs”, as the rotating cattle auctions of English settlers in the Eastern Cape during the early 19th century were known.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. Each month a different member receives the money in the fund, which was collected during that period. Defaults on contribution are quite rare as other members will know if you haven't paid your contribution, and also because the regular meetings are a reminder of what you will gain when it is your turn. Depending on the type of stokvels, the members can use the collected fund for their own use, for payment or investment purposes. It is estimated that one in every two adult South Africans is a member of at least one of 800 000 stokvels. South Africans invest approximately R50 billion in stokvels a year. Stokvels are regulated by the National Stokvel Association of South Africa (NASASA), a self-regulatory organisation approved by the Prudential Authority. NASASA is also a registered Financial Co-operative. The organisation was established in 1988 by founder and still-chairman, Andrew Lukhele. Its board of directors includes Miziyonke Mtshali (CEO), Siphumelele Macozoma (COO) and Nsika Masondo (CFO).

ChatGPTRate this definition:0.0 / 0 votes

1. stokvel

   A stokvel is a type of informal savings club or group in which members pool their money to save for a specific purpose or goal, such as a holiday, wedding, or household expenses. Members usually make regular contributions to the stokvel, and each member takes turns receiving the entire amount of money collected. Stokvels are common in many African countries and are often used as a form of financial support and social security within communities.

WikidataRate this definition:3.5 / 2 votes

1. Stokvel

   Stokvels are invitation only clubs of twelve or more people serving as rotating credit unions or saving scheme in South Africa where members contribute fixed sums of money to a central fund on a weekly, fortnightly or monthly basis.The name “stokvel” originated from the term “stock fairs”, as the rotating cattle auctions of English settlers in the Eastern Cape during the early 19th century were known. 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. Each month a different member receives the money in the fund, which was collected during that period. Defaults on contribution are quite rare as other members will know if you haven’t paid your contribution, and also because the regular meetings are a reminder of what you will gain when it is your turn. Though defaults have become increasingly more common due to AIDS and the economic crisis. Depending on the type of stokvels, the members can use the collected fund for their own use, for payment or investment purposes. It is estimated than one in every two black adult South Africans are a member of at least one of 89 000 stokvels. Black adult South Africans invest approximately R12 billion in stokvels a year.

How to pronounce stokvel?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say stokvel in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of stokvel in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of stokvel in Pythagorean Numerology is: 5

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Stokvel
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Stokvel
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=stokvel