(Platform-Based Stokvel Governance Framework)
Effective Date: 22 February 2025
Last Updated: 04 June 2026
1. PURPOSE OF THIS CONSTITUTION
This Constitution sets out the rules, governance principles, rights, and obligations applicable to all stokvels created and operated on the KasiConvocation platform.
Its purpose is to:
- Provide clarity and transparency to members.
- Ensure fair participation and accountability.
- Regulate contributions, withdrawals, rewards, and dispute handling; and
- Align stokvel operations with applicable South African laws and regulatory expectations.
2. DEFINITIONS
Unless the context indicates otherwise:
- “Platform” means the KasiConvocation mobile application and website.
- “KasiConvocation” means KasiConvocation (Pty) Ltd.
- “Stokvel” means a savings, investment, rotating, or crowdfunding group created on the Platform.
- “Member” means a registered user who has joined a Stokvel.
- “Admin / Creator / Treasurer” means the Member authorised to manage a Stokvel.
- “Wallet” means a user’s digital account on the Platform.
- “Joining Fee” means a once-off fee charged by a Stokvel upon entry.
- “Contribution” means recurring or once-off payments made by Members to a Stokvel.
“Points” means reward units earned through qualifying platform activity.
3. ADOPTION AND BINDING EFFECT
3.1 This Constitution applies to all stokvels created on the KasiConvocation Platform.
3.2 By creating, joining, or participating in a Stokvel, a member agrees to be bound by:
- This Constitution.
- KasiConvocation’s Terms and Conditions.
- Any Stokvel-specific rules agreed to by Members.
3.3 No Member may participate in a Stokvel without accepting this Constitution.
4. MEMBERSHIP AND VERIFICATION
4.1 Any registered user may apply to join a Stokvel, subject to acceptance by the Stokvel Admin or Members.
4.2 Only verified users may create a Stokvel.
4.3 Verification requires:
- A valid South African ID or passport; and
- Proof of residential address.
4.4 Member Vouching
4.4.1 Where a user cannot complete standard verification, they may request to be vouched for by Members of a specific Stokvel.
4.4.2 Vouching requires unanimous approval of all existing Members.
4.4.3 Vouching applies only to that specific Stokvel.
A new Stokvel requires a new vouching process.
5. JOINING FEES
5.1 A Stokvel may charge a once-off joining fee, determined at the time of creation.
5.2 Joining fees are:
- Non-refundable under all circumstances.
- Payable upon joining; and
- Paid to the Admin / Creator / Treasurer of the Stokvel.
5.3 KasiConvocation does not assume ownership of joining fees unless expressly stated.
6. CONTRIBUTIONS
6.1 Contribution amounts and frequency (weekly, fortnightly, or monthly) are set at Stokvel creation.
6.2 Members must contribute to accordance with the agreed rules.
6.3 Failure to contribute on time may result in:
- Fines or penalties agreed upfront by Members.
- Suspension or removal from the Stokvel, subject to Member approval.
7. STOKVEL TYPES, INTEREST AND WITHDRAWAL RULES
7.1 General Lock-In and Maturity Rule
7.1.1 Once Members begin contributing funds to a Stokvel, those funds may not be withdrawn until the Stokvel reaches its agreed maturity date or end date.
7.1.2 Members acknowledge and agree that contributions remain locked in for the duration of the Stokvel.
7.1.3 No Member may request or receive a payout while the Stokvel is still active, unless expressly permitted under the rules of a specific Stokvel type.
7.1.4 The Emergency Fund Stokvel described in clause 7.6 is exempt from this lock-in rule, as it operates without a fixed maturity date and allows approved emergency withdrawals.
7.2 Fixed Investment Stokvel
7.2.1 Members contribute fixed amounts for a predetermined period.
7.2.2 Funds accumulated in the Stokvel may earn interest of up to 8% per annum, depending on the savings period and applicable platform arrangements.
7.2.3 Only the Admin, Creator, or Treasurer may initiate a payout request.
7.2.4 All payout requests require unanimous approval from all Members before funds are released.
7.2.5 Upon approval, funds may be distributed equally among Members or transferred in full to a single Member, as agreed by the group.
7.3 Indishi Investment Stokvel
7.3.1 Members contribute flexible amounts within limits determined by the Admin (for example, between R50 and R3,000) until the agreed end date.
7.3.2 Funds accumulated may earn interest of up to 8% per annum, subject to the savings period and applicable platform arrangements.
7.3.3 Upon payout, the Platform will automatically calculate each Member’s total contributions and ensure that each Member receives the exact amount they contributed, together with any applicable returns.
7.4 Rotating Stokvel
7.4.1 Members contribute fixed amounts at agreed intervals and take turns receiving the pooled contribution amount.
7.4.2 Payouts must be initiated by the Admin and approved by all Members before disbursement.
7.4.3 Members acknowledge that Rotating (Traditional) Stokvels should only be created and joined with individuals they personally know and trust.
7.4.4 KasiConvocation shall not be liable for any losses, defaults, fraud or disputes arising from participation with unknown, unverified, or untrusted individuals.
7.5 Crowdfunding Campaigns
7.5.1 Users may create crowdfunding campaigns through the Platform.
7.5.2 A platform service fee of 5% shall be deducted from funds withdrawn from a crowdfunding campaign.
7.5.3 Campaign creators are solely responsible for ensuring that all funds are used lawfully and for the purposes represented in the campaign.
7.6 Emergency Fund Stokvel
7.6.1 Members contribute monthly according to their affordability and may contribute any amount they choose.
7.6.2 This Stokvel operates continuously and does not have a fixed end date.
7.6.3 The Stokvel may earn interest at a rate of up to 2.25% per annum after it has been active for at least six (6) months.
7.6.4 A Member may request a withdrawal for emergency purposes by submitting a payout request.
7.6.5 Any withdrawal request must be approved by the Members of the Stokvel before funds are released.
7.7 Lending Stokvel (Masikhane)
7.7.1 Members make a once-off contribution of an agreed amount at the commencement of the Stokvel.
7.7.2 Members may withdraw funds for the purpose of lending to external individuals, subject to the rules established by the Stokvel.
7.7.3 The Creator or Admin shall determine the interest rate applicable to borrowed funds.
7.7.4 Borrowed funds, together with the applicable interest, must be returned to the Stokvel by the agreed repayment date.
7.7.5 This lending and repayment cycle may continue until the Stokvel reaches its agreed maturity date.
7.7.6 Upon maturity, accumulated funds may be:
(a) distributed equally among Members;
(b) distributed according to a contribution or effort-based formula agreed by the Members; or
(c) transferred in full to a single Member.
7.7.7 All payout options require approval by the Members of the Stokvel before funds are released.
7.8 Event Stokvel
7.8.1 Users may create time-bound events, including but not limited to social, sporting, adventure, food, lifestyle or entertainment events.
7.8.2 Event creators may choose whether entry is free or subject to the purchase of tickets.
7.8.3 Revenue generated from ticket sales shall be paid directly into the Event Stokvel wallet.
7.8.4 Funds accumulated may be:
(a) distributed equally among Members; or
(b) transferred in full to a designated Member.
7.8.5 No funds shall be distributed unless all Members approve the payout through a unanimous vote.
8. WALLETS, REWARDS, DEPOSITS & WITHDRAWALS
8.1 Wallet Functionality
Each user is issued with a personal Wallet on the Platform, which may be used to:
- Deposit funds.
- Send money to other users on the Platform.
- Contribute to Stokvels.
- Receive payouts from Stokvels; and
- Withdraw funds using supported withdrawal methods.
8.2 Points and Rewards Programme
8.2.1 Users earn reward Points for qualifying deposits made into the Platform.
8.2.2 Points are allocated as follows:
- 1 Point for every R100 deposited.
- 10 Points for every R1,000 deposited.
8.2.3 Points may be accumulated and converted into cash, subject to conversion rates, minimum thresholds, and rules determined by KasiConvocation from time to time.
8.2.4 KasiConvocation reserves the right to amend, suspend, or terminate the Points programme with reasonable notice.
8.3 Wallet Top-Up Methods
Users may fund their Wallets using one or more of the following methods, as supported by the Platform:
- Bank transfer / EFT.
- Cash or bank deposits.
- OTT vouchers.
- Other approved payment channels made available from time to time.
8.4 Withdrawal Methods and Fees
Users may withdraw funds from their Wallets using the following methods, subject to applicable fees:
- Bank transfer withdrawal:
A service fee of 3% of the withdrawal amount. - EFT / Ozow / bank deposit withdrawal:
A service fee of 3% of the withdrawal amount. - OTT voucher withdrawal:
A service fee of 8% of the withdrawal amount. - e-Wallet withdrawal:
A service fee of 8% of the withdrawal amount.
8.4.1 All withdrawal fees are deducted automatically at the time of withdrawal.
8.4.2 Withdrawal fees are non-refundable once a transaction has been processed.
8.4.3 KasiConvocation reserves the right to amend withdrawal methods and fees, subject to prior notice to users where required by law.
9. DISPUTES AND PLATFORM INTERVENTION
9.1 Members must first attempt to resolve disputes internally.
9.2 Where disputes remain unresolved, KasiConvocation may:
- Review transaction records and logs.
- Investigate alleged breaches; and
- Facilitate resolution.
9.3 Where serious misconduct occurs, KasiConvocation may disclose a member’s:
- Identity details; and
- Proof of address to affected Members for lawful action, including police cases.
10. MEMBER OBLIGATIONS
Members shall:
- Act honestly and in good faith.
- Contribute on time.
- Comply with agreed Stokvel rules.
- Respect collective decisions.
11. ROLE AND LIMITATION OF KASICONVOCATION
11.1 KasiConvocation provides:
- The digital platform.
- Record-keeping.
- Automated disbursement mechanisms.
11.2 KasiConvocation:
- Does not provide financial advice.
- Does not guarantee returns.
- Is not responsible for Member decisions made in accordance with agreed rules.
12. REGULATORY, POPIA & RICA COMPLIANCE
12.1 KasiConvocation processes personal information in accordance with POPIA.
12.2 Identity verification is conducted in line with RICA requirements.
12.3 Members acknowledge that KasiConvocation operates as a platform and administrator of pooled savings, not an investment advisor.
13. AMENDMENTS
13.1 KasiConvocation may amend this Constitution where required for legal, operational, or regulatory reasons.
13.2 Stokvel-specific rules may only be amended with Member approval.
14. GOVERNING LAW
This Constitution is governed by the laws of the Republic of South Africa.
15. FINAL ACKNOWLEDGEMENT
By creating or joining a Stokvel on the KasiConvocation Platform, Members confirm that they have read, understood, and agreed to this Constitution and accept the risks and responsibilities associated with collective savings.