1. Commitment of excellence
    NASASA FC is dedicated to delivering banking services of the highest quality. We strive for excellence in every aspect of our operations, ensuring that stokvels experience seamless and reliable banking solutions.
  2. Customer Centric-Approach
    We place our stokvel customers at the center of our operations. Our approach is focused on understanding the unique needs of stokvel groups and individual members, tailoring our services to meet their specific requirements.
  3. Transparency and Accountability
    NASASA FC is committed to transparency in all our dealings. We provide clear and comprehensive information about our products, services, and fees. Our commitment to accountability ensures that stokvels can trust us to handle their financial affairs with integrity.
  4. Compliance with Regulation
    NASASA FC operates within the regulatory framework set by relevant financial authorities. We adhere to all applicable laws and regulations, ensuring that our banking services are in full compliance with industry standards and legal requirements.
  5. Security and Privacy
    The security and privacy of stokvel funds and personal information are paramount to NASASA FC. We employ robust security measures to safeguard financial transactions and protect the confidentiality of customer data in accordance with data protection laws.
  6. Innovation and Technology
    NASASA FC embraces innovation and technology to enhance the banking experience for stokvels. We continuously invest in cutting-edge solutions to provide efficient and modern banking services, keeping pace with the evolving needs of our customers.
  7. Financial Education and Empowerment
    NASASA FC is dedicated to empowering stokvels through financial education initiatives. We believe in equipping our customers with the knowledge and tools necessary to make informed financial decisions, promoting financial well-being within the stokvel community.
  8. Responsive Customer Support
    We are committed to providing responsive and accessible customer support. Stokvels can rely on our dedicated support team to address inquiries, resolve issues, and ensure a positive banking experience during our operational hours.
  9. Continuous Improvement
    NASASA FC is committed to continuous improvement in our products, services, and processes. We actively seek feedback from stokvels to identify areas for enhancement, ensuring that we evolve to meet the changing needs of our customers.
  10. Partnership with NASASA
    As a member of the National Stokvel Association of South Africa (NASASA), NASASA FC values its partnership with NASASA in promoting the interests of stokvels. We actively participate in initiatives that contribute to the growth and sustainability of the stokvel movement.
    By banking with NASASA FC, stokvels can trust that they are partnering with a financial institution dedicated to their success, financial security, and overall well-being. Our commitment is unwavering, and we look forward to serving the stokvel community with excellence and integrity.

  1. The various products and services that NASASA Financial Co-Operative offers are subject to their own agreements referred to as “product terms”. Your group’s use of such products will also be subject to the product terms governing those products and regulated by their own individual agreements.

  2. In the event of conflict between this agreement and the product terms, the provisions of the product terms will prevail and be used.
  3. The provision of products and services are subject to application and registration, which application may be accepted or rejected at NASASA Financial Co-Operative’s discretion in line with its internal policies.
  4. Products and services will be subject to fees and charges which will be dealt with in the product terms. NASASA reserves the right to amend such fees and charges from time to time, through the necessary notice to you.
  5. Groups will deposit funds into their group “We-Save Account”. Based on the agreed amounts due to any third party service provider, the group hereby grants NASASA Financial Co-Operative the authority to pay such amounts over to the third party service provider. This may include, but not limited to service premiums and instalments.
  6. We may change these Terms at any time by written notice to you. A change will not cancel this Agreement.
  7. Should any changes to your information or circumstances change, it rests on you to notify us immediately if your circumstances change or could create any risk for NASASA Financial Co-Operative.

Self Regulatory Organisation (SRO)

Approved by the South African Reserve Bank, NASASA is entrusted with the self-regulation of the Stokvel sector. We meticulously monitor and uphold industry standards to safeguard the interests of Stokvel participants.

 Reference: Government Notice 404 in Gazette 35368 25 May 2012

 

Registered Financial Co-Operative

Recognized by the Prudential Authority under the Co-Operative Banks Act, NASASA operates as a Financial Co-Operative, providing a secure and cooperative financial environment for Stokvels.

 Reference: National Stokvel Association of South Africa Financial Primary Co-Operative Limited, Certificate No. 0024

 

Authorised Financial Services Provider (FSP)

Approved by the Financial Services Conduct Authority, NASASA holds the designation of an Authorized Financial Services Provider. We adhere to the highest ethical and professional standards in delivering financial solutions.

 Reference: NASASA Network Agency (Pty)Ltd, FSP: 52815

 

Investor in National Treasury Bonds

As a stakeholder in the nation’s financial fabric, NASASA invests in National Treasury’s Financial Co-Operative Retail Savings Bond, contributing to economic growth and stability.

 Reference: NASASA FC, Investor No. FC00282303

  1. Product Rules
    The specific rules and obligations which relate to a financial product and service will be outlined in terms of the specific products related agreement.
  2. Costs and Fees
    Each financial product and service will have its own fee structure attached to it. These fees will be governed by the specific product agreement.
  3. Statements
    Subject to such an option being available, a statement reflecting all the debit and credit entries on your account will be sent to you in the medium/manner in which you have selected to have it sent, to the groups treasurer.
    1. Statements should be checked for accuracy by the customer as soon as they are received. Any discrepancies/mistakes must be reported to the Financial Co-Operative within 30 (thirty) days of the receipt of the statement.
    2. If there is a dispute about the items appearing on the statement, the bank’s records will be the primary determining factor.
  4. Interest
    Interest is calculated on an annual basis, meaning funds that remain in the account for a period of 12 months will attract the pronounced interest rate

    1. Group deposits will be placed in Financial Co-Operative Retail Savings Bonds issued by National Treasury.

    2. Group funds will attract a fixed interest rate of 9% per annum.
    3. Interest formula:
      • Deposits =T+5
      • Withdrawals = T-3
    4. Funds will start accruing interest once invested with the National Treasury’s Financial Co-Operative Retail Savings Bonds.
    5. In cases where funds cannot be invested immediately with the National Treasury, NASASA Financial Co-Operative will temporarily invest those funds in a money market account with the Sponsor Bank.
    6. The monthly interest accrued will be reflected on the group’s monthly statement, available on demand.
    7. Interest accrued will be posted on the last day of each month before midnight for interest-bearing accounts.
  5. Deposits

    1. In order to make deposits, you will be allocated a group account number.

    2. All deposits will be made into the NASASA Financial Co-Operative account held at NASASA’s Sponsor Bank.
    3. All deposits will temporarily be invested in an interest bearing account.
    4. Funds may be invested National Treasury’s Financial Co-Operative Retail Savings Bonds.
Termination/ Cancellation by NASASA Financial Co-Operative:
  1. NASASA Financial Co-Operative reserves the right to terminate its relationship with the stokvel group by way of prior notice and in line with its internal termination policy.
  2. Where NASASA Financial Co-Operative decides to terminate its relationship with the stokvel group, reasonable notice of the intended cancellation will be provided with reasons for the cancellation/ termination.
Termination/ Cancellation by the Stokvel Group
  1. The stokvel group may choose to terminate its relationship with NASASA Financial Co-Operative at any time through the necessary notice through a resolution signed by the executive members of the stokvel group.
  1. All personal information disclosed by you under this Agreement, and so designated, will be maintained in confidence by NASASA and will not be used for any purpose other than as needed under this Agreement.

  2. You have the right to request the privacy policy from NASASA at any time to assess the manner in which your information is kept, the manner in which we may and may not use your information and relevant contact person from which to request access at any time of any information of yours which we have in our records.

  3. This section applies solely to the confidentiality of your personal information as defined by the POPOI Act, and excludes information which was or is available and easily accessible in the public domain.

For the purposes of the agreement the following addresses are applicable:

  1. NASASA Financial Co-Operative:

    84 Albertina Sisulu Street
    Marshalltown, Johannesburg 2000

  2. Stokvel Group:

    The physical address stipulated by the group. It is your responsibility to ensure that the bank is kept informed of any changes to personal information, including address and contact details.

     

  1. This Agreement sets forth the entire Agreement and understanding between the parties with respect to the subject matter hereof, and replaces any prior oral or written communications.
  2. This Agreement shall not be supplemented, modified or amended except by a written agreement signed by both parties.
  3. In the event any term or provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining terms and provisions will continue in full force and effect if the essential terms and conditions of this Agreement for each party remain valid, binding and enforceable.

This declaration will be governed and subject to South African Law.

  1. All disputes and complaints are subject to NASASA’s dispute resolution and complaints policy which will be made available to you at your request.
  2. To lodge any dispute kindly contact NASASA’s complaints department on the following: Email address: compliance@nasasa.co.za
    You have the right to lodge your complaint with the relevant banking ombudsman: Email: info@obssa.co.za
  3. Address: 34 – 36 Fricker Road, Ground Floor, 34 Fricker Road, Illovo, Johannesburg. OBS Call Centre: 0860-800-900
  1. Financial Intelligence Centre Act (FICA)
  2. We are required by the Financial Intelligence Centre Act to request certain information about you and any persons related or associated to you, and to verify that information with documents which we will request from you when we believe it is necessary or appropriate.
  3. If you do not comply with our requests or if you do not furnish the information or documents, we may refuse any application which you have made to us, or we may immediately close your Account.
  4. If at any time, we suspect that your Account is no longer compliant with FICA, we may prevent transactions from being initiated or processed until your Account is fully compliant with FICA.
  5. Protection of Personal information Act
  6. In terms of POPI we may not process any of your information without the necessary permission and authorisation by you and only to the extent to which is needed for purposes of providing you the product and service which you apply for.
  7. You may request at any time a complete list of all your information which is held by us.
  8. You may at any time retract permission for the utilisation of your information by us.

In this declaration, unless the context dictates otherwise, the following definitions will apply:

  1. Account – The arrangement through which NASASA Co-Operative Financial manages the funds of a stokvel group or stokvel group member by providing a facility in the name and unique identifier(s) of a group or individual.
  2. Agreement – This banking contract entered into and agreed to by the parties

  3. Dormant Account – An account which has not seen any initiation of transactions (deposits or withdrawals) by the customer for a period of 12 months and which is no longer linked to activity necessitated by a common bond through group related transactions.

  4. CFI – Co-Operative Financial Institution

  5. FC – Financial Co-Operative

  6. Parties – NASASA Financial Co-Operative and the stokvel group jointly entering into this agreement.

  7. Financial Institution – A company providing financial services

  8. Personal Information – The information held by the bank regarding the stokvel group, other than information which is available and easily accessible through the public domain

  9. POPI – Protection of Personal information Act

  10. Product – The financial product which will be provided to the stokvel group through NASASA Financial Co-Operative.

  11. Services – The financial services which will be provided to the customer through NASASA Financial Co-Operative.

  12. Transaction – The depositing or withdrawal of money into or out of the account.

  13. We-Save Account – The group’s joint bank account held with the NASASA Financial Co-Operative.

  14. I-Save Account – The stokvel member’s individual account held with the NASASA Financial Co-Operative.

  15. PA – The Prudential Authority.

  16. FSCA – Financial Services Conduct Authority.

  17. Interest – The annual percentage increase attracted by a deposit.

  18. Fixed Interest Rate – The guaranteed interest rate offered to depositors by NASASA Financial Co-Operative.

  19. Withdrawal – The removal of funds from your NASASA account through a transfer as agreed by the group

  20. Deposit – The placement of money into your NASASA account through a transfer.