BY PHUMZILE NDLOVU
MBABANE – InstaCash’s reintroduction of the Zero rated Stokvel account has been met with resounding success among the general public.
This innovative financial product has revolutionized the way individuals save and invest their money, providing a convenient and accessible platform for Stokvel groups to manage their funds. The Zero rated Stokvel account has garnered widespread attention and praise for its unique features and benefits, making it a popular choice for many individuals looking to grow their savings and achieve their financial goals.
One of the key reasons for the widespread popularity of the Zero rated Stokvel account is its accessibility and convenience. InstaCash has made it incredibly easy for individuals to open and manage their Stokvel accounts, eliminating the hassle and paperwork typically associated with traditional banking processes. With just a few clicks, individuals can set up their Zero rated Stokvel account and start saving towards their financial objectives.
When reached for comment InstaCash Managing Director Mandla ‘Cheeks’ Nxumalo said, “In an attempt to continue with our user-friendly approach to finances, we are happy that this product resonated with the general public, many of whom have found the process of joining a Stokvel and managing their contributions to be seamless and hassle-free,.”
Nxumalo further mentioned that the Zero rated Stokvel account offers a range of benefits that have made it an attractive option for savers. One of the most notable features of the account is its zero-rated fees, meaning that members can save and transact without incurring any additional costs. This is a significant advantage for Stokvel groups, as it allows them to maximize their savings without having to worry about fees eating into their contributions. Additionally, the account offers competitive interest rates, enabling members to grow their savings over time and achieve their financial objectives more effectively.
In addition to its practical benefits, the Zero rated Stokvel account has also garnered attention for its innovative approach to financial inclusion. By providing a platform for Stokvel groups to save and invest their money, InstaCash has made it possible for individuals from all walks of life to participate in the formal financial system. This has had a positive impact on financial inclusion, as it has enabled more people to access the benefits of saving and investing, ultimately contributing to greater economic empowerment and stability within communities.
The success of the Zero rated Stokvel account is a testament to the growing demand for innovative and inclusive financial products. InstaCash’s commitment to providing accessible and affordable financial solutions has struck a chord with the general public, who have embraced the Zero rated Stokvel account as a valuable tool for achieving their financial goals. As the popularity of the account continues to grow, it is clear that InstaCash has tapped into a significant market need, and is poised to make a lasting impact on the way individuals save and invest their money.
the introduction of the Zero rated Stokvel account by InstaCash has been a resounding success, capturing the attention and approval of the general public. The account’s accessibility, convenience, and range of benefits have made it a popular choice for individuals looking to save and invest their money, while its innovative approach to financial inclusion has had a positive impact on communities. As the popularity of the Zero rated Stokvel account continues to grow, it is evident that InstaCash has effectively addressed a significant market need, and is well-positioned to continue making a meaningful impact on the financial landscape.
Terms and conditions of the Zero rated Stokvel account are as follows;
1. Stokvels are groups of people who form a savings and/or short term investment account.
2. Minimum number of members two, maximum – infinite.
3. Requirements: a constitution. If you don’t have a constitution, we have a standard template that you can adopt and sign off on.
4. Provide the phone number that will be activated for the service.
5. All members of the Stokvel will need to be registered as INSTACASH members.
6. The account will become a Collection Account for subscriptions and loan interest payments/repayments.
7. The account will also become a disbursement account to members
8. Members will not be charged any tariff to send money to the account
9. The stokvel will not be charged any money when sending disbursements to members.
10. Normal withdrawal tariffs apply to members when withdrawing cash from Instacash agents. See withdrawal tariffs from https://www.instacash.co.sz/tariff
11. The Stokvel account can save up to E1million.
12. Stokvel can request monthly or quarterly or annual statements free of charge
13. There are no monthly charges.
14. Bulk disbursements will be done by InstaCash. The Stokvel will need to provide a disbursement schedule with members’ numbers and amounts to be disbursed.
Please note that Customer care is available 24/7 via Call Centre line 365 and WhatsApp line 79365000.
