A stokvel is a savings pool where a group of individuals contribute an agreed-upon monthly amount. The group have full control of how they would like to use that money. Two common methods are to pay out monthly or annually. The group can make monthly pay-outs, or they could keep investing their savings and get a lump sum at the end of the year.
I have joined a stockvel with the members of my community where we get monthly payouts.
Random words for you this Friday!
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