StokFella is an app that offers stokvels an opportunity to manage their financials and admin through one central point.
It also helps users locate a local stokvel, as well as information with the terms for joining them e.g. monthly contributions, dates for meetups, details of members etc.
Founder and entrepreneur, Tshepo Moloi speaks of how the technology was a natural transition for him.
The stokvel industry has been around since the 19th century, and its a core part of South African culture. It was more natural that somehow the evolution of technology versus what we do on a daily basis comes together.— Tshepo Moloi, Founder of StokFella
He explains how the application works.
StokFella provides you the platform and ability to create your own group and manage your members. We mimic your stokvel behavior through the application. You have the ability to invite your stokvel members, manage your claims, meetings and minutes.— Tshepo Moloi, Founder of StokFella
We are saying we will make it more efficient for you, so you do not have to worry about who has paid, who hasn't paid, who is late on payment. The system does that automatically for you. Saying to the executive now enjoy the culture of your stokvel.— Tshepo Moloi, Founder of StokFella
The business is worth more than R 5 million since it's launch in 2016.
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This article first appeared on 702 : StokFella: Keeping the culture of stokvels alive through technology