Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun South Africa the
informal gathering ofsavings amongst a group of people, which is handed out to each person, one after the other
Etymologies
Sorry, no etymologies found.
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Examples
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A common bond exists between members of a specific group that may be described as a stokvel and that:
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It was therefore felt, that any "stokvel" of which the subscriptions exceeded R9,99 million would be required to register as a mutual bank.
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The recent proliferation of the type of savings scheme described above, and a review of the legislation by the Office for Banks, tend to indicate that certain shortcomings may exist with regard to current "stokvel" legislation.
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More than 1000 members of the "stokvel" last week marched on the Reserve Bank and Union Buildings demanding about R50 million of their investments be released.
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Wiese had gotten a court order to freeze the society's assets because, in terms of the Banks Act of 1990, a "stokvel" (savings and mass buying scheme) may not hold assets in excess of R9,9 million.
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Members of the Sun Multi Serve "stokvel" (savings and buying club) held talks with Finance Minister Chris Liebenberg and representatives of the Reserve Bank in Pretoria early on Wednesday afternoon, a ministerial spokeswoman said.
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Government is, however, aware that there are so-called savings schemes purporting to operate on the "stokvel" principle, but which are not savings schemes in the traditional sense.
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Sun Multi Serve "stokvel", recently closed down by the Reserve
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About 1000 members of the Sun Multi Serve "stokvel" (savings and buying club) marched in Pretoria on Friday demanding the
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"It is believed that the couple operated a 'stokvel' or money-making scheme without any business certification," Captain Anneke van der Vyver said in a statement.
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