Question 1

Is Day One a FSP?

Accepted Answer

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

Question 2

How many residents per stokvel?

Accepted Answer

Each stokvel consists of only 5 members, this means there cannot be more than 5 people in one stokvel at any given time. 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

Question 3

Does Day One Lend Money/Give Loans?

Accepted Answer

Loans are available but only to our residents, meaning if you are part of our stokvels then you are eligle for a loan at reduced interest rates. Short term. medium term and long term are available. It is worth noting that since we charge interest on our loans, by law we are obligated to register with the NCR(National Credit Regulator)

Question 4

What are ROSCAs and ASCAs?

Accepted Answer

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

Question 5

What are SMEs?

Accepted Answer

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

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