Makro's Stokvel Tips: Unlocking Buying Power for Customers

The National Stokvel Association of South Africa (NASASA) values the country’s thriving stokvel industry at over R45 billion, based on a staggering 11.4 million members recorded in 2022. Recognizing the importance of these clubs in assisting South Africans to navigate the rising cost of living, Andrietta Van Veijeren, Wholesale National Commercial Sales Manager at Massmart, highlights how Makro empowers stokvels with enhanced buying power through bulk discounts and various money-saving benefits.

Stokvels, particularly grocery stokvels, have grown in popularity among budget-conscious South Africans, allowing them to save money. To get the most out of these communal savings schemes, members must set clear goals for their clubs and take advantage of stokvel-specific deals, such as Makro’s tailored discounts on frequently purchased, high-demand products, especially during peak stokvel buying seasons, according to Van Veijeren.

Whether you are thinking about starting a grocery stokvel or have recently joined one, Makro’s advice will help you maximize the value of your investment.

Define Stokvel’s objectives.

Setting clear objectives for your stokvel is critical to its success and the retention of a strong sense of purpose among its members. Determining the fixed monthly contribution and deciding on the stokvel’s structure, including whether payouts will occur monthly and rotate or be disbursed at the end of the year, are all part of defining objectives when establishing a grocery stokvel.

Certain retailers cater specifically to stokvel pay-out structures. Makro, for example, provides a savings option through which these clubs can deposit their collective funds into an account. Members who take advantage of this offer can save significantly, receive monthly statements detailing their savings progress, and receive numerous discounts when making bulk purchases or dividing up their orders, allowing them to stretch their rands even further.

Form a Stokvel Constitution.

To lay a solid foundation for your stokvel, create a comprehensive stokvel constitution that outlines rules, guidelines, and member responsibilities. This document should address a variety of potential scenarios, such as when members are unable to contribute or wish to withdraw funds unexpectedly.

A constitution helps to prevent disputes, fosters trust among members, ensures clarity, and facilitates the smooth operation of the stokvel.

Create a separate Stokvel bank account.

To improve transparency and security, members should open a bank account in the name of the stokvel. This dedicated account allows the group to keep a detailed record of transactions and protects the pooled funds. It is recommended that the account require multiple signatories for transactions to reduce the risk of unauthorized access.

Take Advantage of Stokvel Deals with Added Value

Maximizing the benefits for Stokvel members entails taking advantage of value-added Stokvel deals. Retailers are now offering deals that are specifically designed to increase the collective purchasing power of stokvel groups. These offers can take the form of exclusive discounts, bulk-buy promotions, special pricing, or loyalty rewards.

Stokvel members can stretch their budgets even further and enjoy greater savings on their purchases by actively seeking out and utilizing these value-added deals.

Finally, Makro recognizes the importance of stokvels in empowering South Africans to confront the challenges posed by rising living costs. Stokvel members can maximize their purchasing power, save money, and ensure the success of their communal savings initiatives by following the advice provided.