Pick n Pay partners with Absa to launch the Grocery Stokvel Account
As stokvels continue to grow in popularity, Pick n Pay and Absa have partnered to launch a new Grocery Stokvel Account to cater for groups who are saving for groceries or other store-bought essentials.
Papi Rapolai, the general manager for wholesale and stokvel at Pick n Pay, says there was a gap for a savings solution that would address stokvel members’ need to save for groceries safely and securely, but one that also provided a competitive interest rate on savings.
Based on how much has been contributed to the stokvel, members will receive information about an exclusive selection of holidays cherry-picked for them.
Rapolai says that based on Pick n Pay’s experience in working with stokvels, many groups miss out on earning interest from their annual savings or earn a very low rate. “Stokvels tend to keep their savings at home – which holds the risk of theft – or their savings are deposited into accounts where the interest rate isn’t tailored specifically for them. For example, banks tend to pay higher interest rates for balances greater than R100 000, but many stokvels save between R20 000 and R50 000 annually, which generates a lower rate of interest.”
With the new Grocery Stokvel Account, stokvels are able to earn a very competitive interest rate on balances of as little as R50 and spend their stokvels’ money safely and conveniently at Pick n Pay, where they receive further savings on groceries.
“The account also doesn’t charge monthly management fees or for the first Absa ATM or in-branch cash deposit each month, so money saved goes to building the stokvels’ value,” says Rapolai.
Stokvel groups will also receive great discounts on their purchases. “Last year we launched the Smart Shopper Wholesale Stokvel card. This provides the same Smart Shopper benefits as well as grocery and product promotions.”
Rapolai adds: “The Grocery Stokvel Account is an easy-to-use solution for stokvels: when the time comes to withdraw savings, the customer visits an Absa branch and places a notice of withdrawal with the bank. The money is then paid directly into a Pick n Pay account and the funds are available to spend at a Pick n Pay store within 24 hours. Our collaboration with Absa means stokvel members don’t ever have to take the risk of carrying large amounts of cash again.”
Other benefits include free delivery for purchases over R30 000 within a 15km radius, a further saving for stokvels. A Pick n Pay Stokvel Champion is also available to stokvel groups to assist with telephone orders and other related queries, and in-store assistance with separating and packing groceries.
“We’ve listened carefully to our stokvel customers. We’re confident this new tailored solution is perfect for their needs and will help create great value for them. We would encourage stokvel groups to check whether they are receiving competitive interest rates and purchase discounts on their hard-earned savings,” concludes Rapolai.
For more information on the new Pick n Pay / Absa Grocery Stokvel Account solution, visit: https://www.absa.co.za/personal/save-invest/products/grocery-stokvel-account/
Flight Centre launches stokvel for travel
In the spirit of stimulating travel among South Africans, Flight Centre Travel Group (FCTG) has launched a Travel Stokvel concept.
The Travel Stokvel concept is simple, explains Lance Nkwe, FCTG’s marketing manager for emerging markets. “Aspiring travellers create their own stokvel group to contribute towards their dream holiday. By participating in the stokvel, members receive expert travel advice, as well as exclusive discounts and promotions that are not available to other customers.”
Nkwe explains that members of the stokvel may decide to travel as a group, take turns to travel or contribute towards a family member or friend’s honeymoon, for example. “There really is no one-size-fits-all reason why you would choose to create a stokvel group for travel.”
With a minimum of three and maximum of 30 members, signing up for the Flight Centre Travel Stokvel is a straightforward process. Simply complete an application form, which can be found online, and include the signature of each member, deposit the minimum amount of R500 and your stokvel is up and running. “Provided the amount of R500 is retained in the account at all times, stokvel members can withdraw the funds for any use at any time, not just to book travel.
“Stokvels are set up to help with emergencies and unforeseen circumstances. This is why Flight Centre decided to eliminate any red tape surrounding the process with no credit checks or difficult approval processes to access the funds. What’s more, stokvel members can be assured that is a secure way to contribute to a future holiday.”
Stokvel members can also determine how much they want to contribute at any given time by making a deposit into your stokvel account by EFT or at your nearest Flight Centre store.
Based on how much has been contributed to the stokvel, members will receive information about an exclusive selection of holidays cherry-picked for them. If any of the members wishes to travel, he or she will need the approval of at least two signatories, with at least one of the signatories being the stokvel chairperson, treasurer or secretary.
The launch of the Travel Stokvel furthermore provides travel opportunities for South Africans who may not have been able to travel previously and strives to build a true culture of travel in South Africa. For more information visit www.flightcentre.co.za/stokvel