NASASA, recognized as a Self-Regulatory Organisation (SRO) by the South African Reserve Bank, assumes the crucial responsibility of overseeing and regulating the Stokvel sector. Operating under Government Notice 404 in Gazette 35368 on 25 May 2012, NASASA’s SRO ensures the adherence of Stokvels to industry standards, providing a secure and compliant environment for all participants.

Structure of NASASA SRO

The NASASA SRO is a multifaceted structure designed to meticulously regulate the Stokvel sector:

1.NASASA Regulator: Occupying an executive role, the NASASA Regulator ensures the entire NASASA structure, including underlying entities, functions according to the mandated support for Stokvel groups. This comprehensive oversight ensures the regulated operation of Stokvels through NASASA.

2.Registrar of Stokvels: This executive role involves approving the registration of Stokvels, supported by dedicated Registration Officers who facilitate the registration process.

3.Supervisor of Stokvels: In an executive capacity, the Supervisor oversees and conducts reviews of Stokvel activities. Supervision Officers assist in ensuring that Stokvels operate within prescribed conduct guidelines.

Collaboration with Regulatory Authorities

NASASA SRO actively collaborates with various regulatory authorities, including:

• South African Reserve Bank’s Prudential Authority (SARB PA): Ensuring financial stability and regulatory compliance within the Stokvel sector.
• Financial Services Conduct Authority (FSCA): Monitoring and regulating financial conduct to protect Stokvel participants.
• Financial Intelligence Centre (FIC): Addressing issues related to financial crime and money laundering within the Stokvel space.
• National Prosecuting Authority (NPA): Taking legal action in cases where entities posing as legitimate Stokvels engage in inappropriate conduct.

Reporting to NASASA SRO

NASASA members are encouraged to contact the NASASA SRO to report any suspicious activities within the Stokvel space. This includes but is not limited to:

• Invitations from suspicious Stokvel groups
• Verification of NASASA membership
• Suspected pyramid schemes and scams
• Unfair treatment of Stokvels by the financial industry
• Stokvel members behaving inappropriately
• Unfair treatment within Stokvel groups

Safeguarding Stokvel Interests

The NASASA SRO is dedicated to safeguarding the interests of Stokvel participants. Through vigilant monitoring, adherence to industry standards, and responsive action, NASASA ensures that the Stokvel sector operates with integrity, transparency, and in the best interest of its members. Participants are encouraged to be proactive in reporting any concerns to strengthen the self-regulation of the Stokvel community.

Contact NASASA SRO

SRO@nasasa.co.za

010 000 0000