Franc, a new stokvel app, claims to be SA’s cheapest way to invest
Thomas Brennan, the former head of digital innovation at Discovery Health, says he has launched SA’s lowest-cost investment platform.Franc, a smartphone app, would allow stokvel members to invest in money market and exchange-traded funds (ETFs) for R5 a month, the company said on Wednesday. Like stocks, ETFs are listed on the JSE, but they track an index such as the Top 40, or a commodity, bonds or a basket of assets.Access to Franc is free for the first six months and there is no minimum investment amount. "You can withdraw or transfer your money anytime without penalty and there are no hidden or complicated fees," the company’s statement said. Franc, a member of Rand Merchant Investment Holdings’ fintech investment arm, launches at a feverish time for financial technology companies. A number of these are seeking to lower costs and improve access to financial services products. "SA has one of the lowest savings rates in the world. For the vast majority of South Africans, accessing ...
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