RE-VISITING OLD MONEY SAVING TIPS IN THE MODERN WORLD
Financial freedom has found new meaning in South Africa’s latest stokvel offering – Imbewu Stokvest app. The app is an innovative way of modernising the home grown, traditional institution of stokvels to meet the demands of consumers in the digital era. The Imbewu Stokvest app offers consumers an opportunity to get to interact with the status and progress of their savings at the touch a button.
Powered by Kunene Makopo Risk Solutions (KMRS), Imbewu Stokvest is a product that vouches for clients to accomplish their aspirations by making monthly contributions towards their savings. Clients from 18 years and older get to manage their administration, monthly payments and claims on the app by using online devices such as mobile phones or tablets.
The unique product is engraved in the spirit and values of ordinary South Africans, providing financial security in order to boost savings and make them more transparent and convenient for the younger, more technologically savvy generation. New research shows that more South Africans have moved to online banking during the country’s lockdown. There has been a clear move to using digital platforms in recent months, from purchasing airtime and prepaid electricity to buying data bundles and transferring money.
Current estimates also show that there are over 820 000 stokvels in the country with a combined membership of 11.4 million people, handling over 4 billion per annum. As the South African generation becomes younger, more technologically savvy and aspirational, there is a serious need to reimagine how stokvels are run in the country.
“Consumers are always looking for products that are trustworthy and provide transparent solutions for their financial needs,” said KMRS Spokesperson, Bangi Makopo. “ Imbewu Stokvest provides the security of knowing that the future is accounted for without tying yourself to societies” concluded Makopo.
The product offering is the solution to many financial anxieties with benefits specially crafted for individual or group savers. The platform provides the consumer with a front row seat view to their money as they get to see it grow.
After 24 months each member gets to receive a payout calculated according to a specific plan. This is the same principle of any stokvel, the advantage with Imbewu StokVest clients have full control of their earnings through the year as there is no middle man. The offering also comes with an added value of a funeral cover that allows clients to open it up to extended family.
There are three options towards the contribution that consumers are able to choose from:
Plan A: R185 with yearly payout of R1080
Plan B: R550 with yearly payout of R4560
Plan C: R1 250 with yearly payout of R11 430
How IMBEWU StokVest works:
Step 1
– Download the app (available at https://app.imbewustokvest.com).
Step 2
– Clients sign-up on the app.
Step 3
– Members then add their details.
Step 4
– The membership will be active.
– Members get to choose plan option.
Member Benefits:
– Clients get to nominate their annual date to receive payment.
– Stokvest payments are made directly to the member’s account.
– Imbewu Stokvest funeral cover that allows you to open it up to extended family
Added Value Product:
– Members will receive an interest (return of investment) as a bonus after 24 months of policy payments within 24 months.
For more information visit the kunenemakopo.com website and follow financial conversations on Facebook and Twitter (add handles)
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