Day ONE io

Stokvel Constitution

Rules



Here is some context

Stokvels have a constitution. This constitution is like a rule book the outlines how the stokvel should operate and as outlines what's expected from each member as well as what course to take when members can not make payment, either on time or even indefinitely. It is best that the stokvel constitution be written out, rather than it being an oral agreement.

Sign-up Fee
  • A sign up fee of R310.90 is mandatory
  • This fee is to be paid by anyone wanting to create or join stokvels via the Day ONE io platform
Intervals
  • Members should strive to make payments on the designated intervals issued by Day ONE(Weekly,Fortnightly,15th,Monthly)
  • Members will unanimously pick the day that best suits their budget and thereafter commit to it
  • Members can impose penalties as they deem fit for late payments by other members


ASCAs and ROSCAs

ASCAs and ROSCAs are worlds apart, and as a consequence they may not share the same stokvel constitution. Therefore on this page we will have two separate sokvel constitutions that are dedicated to ASCAs and ROSCAs respectively.

Please note that when signing up for Day ONE, you agree that your stokvel will be subject to this constitution. You may not customise this constitution in a way that undermines and/or takes removes from it. You may add additional terms/rules to safeguard and perfect your stokvel

ASCA Constitution

Accumulating Savings and Credit Associations(ASCAs) are primarily for money saving purposes. Money is pooled together on agreed upon intervals regular up untile the funds are withdrawn and equally split among members. There are many ways to execute this and there are many technques that can be employed to ensure that the funds grow while being saved.

An ASCA must

An ASCA will

ROSCA Constitution

Rotating Savings and Credit Associations(ASCAs) are mainly for credit purposes. Money is contributed by each member on preset intervals, from there the lump sum is served to one member instead of being saved. The lump sum will rotate from one member to the next up until everyone has received it. No member will receive the lump sum more than once.

A ROSCA must

A ROSCA will

All Deposits Are Handled By Day ONE io

Naturally, members of a stokvel would pay their stokvel money to each other's bank accounts using EFTs or via cash. Day ONE stokvels are all processed by Day ONE, meaning all payments will be made to Day ONE. Furthermore, Day ONE will distribute the funds to the respective members.

Payments can be made via:


Payments done outside of the above payment methods will not be recognised by Day ONE io. Payments directly deposited into accounts of other members will not be recognised by Day ONE.

Stokvel Administration

From the point of creation, stokvels will have to elect an admin. Members can elect who gets to become an admin and can later change this member as well depending on their preferences. All changes are directly done on the Day ONE app.

Documents required:



The stokvel constitution does not replace our terms of service as Day ONE io.












Contact Us:

Day ONE io
3 Nandi Mthembu Dr, Ingenuity Park ,Ballito, 4418, Dolphin Coast, KwaZulu-Natal
helpdesk@dayone.org.za
hello@dayone.org.za


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