FNB has announced the launch of new digital stokvel accounts that carry no monthly fees.
According to the bank, these accounts will help to better manage the administration of stokvels, along with deposits and distribution of funds.
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Users will be able to manage contributions and payouts via the FNB app, online banking, and cellphone banking.
“Stokvels or group savings clubs are a vital part of our society; hence we are delighted to offer an innovative solution to help them manage their money through safer and efficient channels,” says Raj Makanjee, CEO of FNB and Private Banking.
“Unlike most banks which offer traditional bank accounts for stokvels, the design of our solution is based on understanding the core needs of stokvels.”
FNB says that the digitisation of stokvels meets the new needs of those investing in them. Many modern stokvels have moved from focusing on burials or groceries to becoming investment clubs.
By creating digital channels, administrators can more easily manage the growing needs of members.
What the new FNB digital stokvel account offers
According to FNB, a number of features are available for users with no monthly fees.
- EFTs from a bank account or free unlimited cash deposits via FNB deposit-taking ATMs.
- Member payouts from the stokvel treasurers or administrator.
- The ability to add members and update member details.
Payouts will still need to be approved by two extra signatories, FNB notes.
Meanwhile, members can choose whether to receive their payouts using a bank account or FNB eWallet.
Those with an FNB bank account can also withdraw stokvel payouts from Cash@Till counters at Checkers, Shoprite, Pick n Pay, and Boxer.
Feature image: Memeburn