Over 100 Members & Growing
Over 100 Members & Growing
Building a Bank for the People, by the People
Our Goal - Building a Bank for the People, by the People
Our Goal at Zwipi Finance is to establish a Mutual Bank, owned by its members and created to uplift individuals and businesses, in our communities.
A Zwipi Savings Stokvel member is not just a saver, they can be a possible future shareholder in a Mutual Bank that they can own a part of and benefit from directly.
To join this movement, follow the 3 Step Process below
Step 1
Complete the Membership Application Form. (POPIA ACT)
Step 2
Read & sign the Stokvel Agreement and Constitution and upload your FICA Documents, Copy of ID and Proof of residence or email to info@zwipifinance.co.za
Step 3
The first month's contribution is a R350 joining fee, plus your savings contribution of R150 or R250 or R350 based on your membership choice. (The joining fee can be paid upfront or over 3 months)
IMPORTANT NOTICE
The Zwipi Savings Stokvel is a community savings scheme with the goal to raise enough capital so we can apply for a mutual banking license at the South African Reserve Bank. It is not an investment in a bank.
Important Notice.
The Zwipi Savings Stokvel and Zwipi Financial Services (Pty) Ltd t/a Zwipi Finance are managed and operated separately, with complete transparency and monthly reporting of the Stokvel to its Members. They only share the brand name.
No Funds flow between the two entities and no transactions occur between the two entities. The Zwipi Savings Stokvel is our Community Savings Initiative and has its own Stokvel Bank Account that is managed independently by the elected Stokvel Executive Members in accordance with the Stokvel Constitution.
FAQ
Frequently Asked Questions
The Zwipi Savings Stokvel is a community savings scheme with the goal to raise enough capital so we can apply for a banking license at the Reserve Bank. We are not investing in a bank at this time.
This distinction is very important. If we are not successful in getting a license, all monies plus interest, less any costs paid to banking consultants, and admin for the license application will be refunded to all the members.
No. Zwipi Finance and the Zwipi Savings Stokvel are operated and managed separate from each other. Zwipi Finance is our loan funding arm and Zwipi Stokvel is our separate Community Savings arm. They are just connected by the Brand Name for now.
No monies flow or transactions occur between Zwipi Stokvel and Zwipi Finance. Only when we receive our Banking licence will the Zwipi Stokvel be incorporated into the Mutual bank and all willing members can become bank account holders and shareholders.
To activate your membership to the Stokvel you will require a once off joining fee of R350 (to cover the costs of initial stokvel and funeral policy admin fees) as well as your first monthly savings contribution.
The savings are locked in for 36 months, and no withdrawals can be made during this period as our goal is to raise the funds for the Mutual Bank as soon as possible.
Your savings will be calculated based on the total amount you contributed up until the end of the cycle.
When Zwipi obtains the Mutual Bank license, members will have the option to:
- Opt-out and withdraw their savings based on the value at that time.
- Become shareholders and account holders in the mutual bank.
Currently no interest from savings is paid out to members although we have allowed for it in the constitution. Once we have our next AGM members, will deliberate on whether this should be implemented.
The goal is to reach a maximum of 1,500 members
Yes, but a parent or guardian must sign on their behalf.
Your first saving contribution starts on the date you make your first savings deposit, and you can catch up as soon as possible at your pace.
You will only receive the total value of your contributions (plus interest), less the admin fee at the end of the cycle.
No member borrowing will be initiated for now. The implementation of the loan benefit will be reviewed by members at our next AGM.
The Stokvel Office is based at 36 David Street Meredale, Johannesburg (At the JHB Culinary and Pastry School)
The Stokvel has 7 executive members currently who are responsible for managing and leading of the stokvel.
Members will be part of the Stokvel WhatsApp Group, for any day to day information updates, and every month the member contribution ledger, Stokvel Bank Statement and Member Newsletter will be emailed to all members.
Yes. There will be a membership AGM and a 14 day notice period will be given for any ad hoc or Special meetings.
The Funeral Cover is managed by an independent underwriter. Zwipi Stokvel collects the premium and pays it over to the underwriter and when a claim is made it is processed and managed directly by the underwriter.
Once you have paid your joining fee and first saving contribution you will be covered for R10 000 funeral policy. Monthly contributions must be up to date for the policy not to lapse.
Once we have received our Mutual Banking Licence as a shareholder in the mutual bank:
- You will have an ownership stake in the Mutual Bank.
- Receive dividends –If the mutual bank generates a profit annually, dividends will be distributed to shareholders based on their investment.
- As a shareholder you may have voting rights at the AGM that gives a voice in the future of the bank.
- As a shareholder, you will have long-term financial benefits as the bank grows and expands its services