This is how you can invest in a stokvel in the digital age
Franc app takes the stokvel savings model into the 21st century – by giving people a mobile platform to invest on the same group-saving principles as a stokvel
Franc app Cool factor 4/5Usability 4/5Value for money 5/5 There’s a new investment app on the local market, and this one takes advantage of what is arguably SA’s favourite savings model: the stokvel. Franc is available for iOS and Android users and was launched in time for Savings Month (July). Savings rates in SA are notoriously low. Franc says it wants to take the stokvel savings model into the 21st century – by giving people a mobile platform to invest on the same group-saving principles as a stokvel, but linking into formal investment products. The app sets no minimum investment amount and will invest your money in a money-market fund and an exchange traded fund (ETF). Other key factors that work in Franc’s favour are the lack of high fees and deductions. Your first six months on the app are free, and you can withdraw or transfer funds without penalty. After six months, a flat R5 a month fee applies — but you can skip it by referring friends to the platform: for every friend you...
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