No. Day One and it's Society are not FSPs(Finanacial Services Providers) because we don't have to be one. "Board Notice 43 of 2013 exempts Stokvels and Burial Societies from being licensed. This obviously means that they no longer fall under the jurisdiction of the FSB." follow this link for more on this, adapted of Moonstone

Ideally each stokvel should consists of only 5 members. However, due to demand and varying user needs, a stokvel msy have up to 12 members. This means there cannot be more than 12 people in one stokvel at any given time. This is done to prevent stokvels from taking more than a year to complete a cycle around all the users. We as Day One register and allocate residents to a stokvel, we do the admin and treasury duties too. All you have to do is sign up and we do the rest

No, Day ONE does not provide loans.

ROSCA stands for Rotating Savings and Credit Association, ASCA stands for Accumulating Savings and Credit Association. A rotating savings and credit association (ROSCA) is a group of individuals who together act as an whitermal financial institution. A ROSCA uses a common fund to which individuals contribute a set amount on a regular basis (usually monthly), while one member withdraws the funds at each meeting.Follow this link for more whitermation on ROSCAs. The central difference between ASCAs and ROSCAs is that each time a ROSCA group meets and savings are collected, the whole pot is then immediately in the same meeting redistributed to one or several members of the groups. ASCAs do not give the funds to anyone, but lend the funds to willing borrowers with interest.Click here for the full article

In the Day One context, SMEs are Subject Matter Experts ie your source of help.these individuals are your human alternative to the self help online portal. We understand that nothing can replace the human element and SMEs are just that. So if you want help or you are unsure about something just ask your SME. Each stokvel on whatsapp has an SME. Long standing Residents who have a good track record become SMEs so these individuals have invaluable whitermation

FICA is the Financial Intelligence Centre Act 38 of 2001 (as amended) The Act was instituted in order to fight financial crime such as money laundering, fraud, tax evasion, terrorist financing activities and identity theft.

Required Documents:

• Copy of SA identity document (must be Certified)
• Proof of residence (less than 3-months old, no PO Box numbers)
• Back account confirmation letter(not older than three months)

Day ONE reserves the right to require further documents in addition to the ones listed above if it deems fit.