Introduction

The Stokvel Monetary Policy 2024 outlines the guidelines and procedures for financial operations within NASASA Financial Co-operative. As a pioneering force in the Stokvel sector, NASASA is committed to enhancing financial security, promoting transparency, and leveraging digital processes for the benefit of its member Stokvels. This policy aims to create a resilient and forward-looking financial ecosystem that aligns with the diverse needs of Stokvels while emphasizing safety, efficiency, and responsible investment.

1. Digital Transformation

Compulsory Digital Processes

• Rationale: NASASA mandates the compulsory use of digital processes for all Stokvel transactions, including contributions, withdrawals, and record-keeping.
• Objective: Enhance efficiency, reduce risks associated with physical cash handling, and provide a secure and transparent platform for Stokvel financial activities.

2. Financial Identity and Individual Accounts

Personal Accounts for Group Benefits

• Rationale: Each underlying member of a Stokvel group must have an individual personal account into which group benefits are paid out.
• Objective: Establish clear financial identities for Stokvel members, promoting accountability and enabling seamless and secure benefit payouts.

3. Cashless Operations

Elimination of Physical Cash

• Rationale: NASASA emphasizes the removal of physical cash from Stokvel processes to ensure the safety of members and funds.
• Objective: Mitigate the risks associated with cash handling, reduce the potential for fraud, and create a secure financial environment.

4. Investment Strategy

Investment in National Treasury Financial Co-operative Retail Savings Bonds

• Rationale: Stokvels are encouraged to invest through NASASA in the National Treasury Financial Co-operative Retail Savings Bonds.
• Objective: Provide Stokvels with a secure investment avenue, offering a fixed interest rate of 9% over a 3-year period. This not only promotes financial growth for Stokvels but also allows them to contribute to the nation’s economic development.

5. Infrastructure Support

Infrastructure for Various Stokvel Types

• Rationale: NASASA recognizes the diversity of Stokvels and their unique needs.
• Objective: NASASA commits to providing tailored infrastructure support to respond to the core purpose of different types of Stokvels, ensuring that they can operate efficiently and effectively.

Conclusion

The Stokvel Monetary Policy 2024 is a testament to NASASA’s commitment to fostering a modern, secure, and resilient financial ecosystem for Stokvels. By embracing digital processes, ensuring individual financial identities, eliminating physical cash, promoting responsible investments, and offering tailored infrastructure support, NASASA aims to empower Stokvels to thrive in the ever-evolving financial landscape. Together, we embark on a journey towards financial prosperity, security, and collective growth.