Day One is a lot of things but it is also NOT some things. We will list the things that Day One does not qualify as. Great care was taken in preparing this list, however there can be other examples that fall into what Day One isn't that are not listed below.
Day One is not a Financial Service Provider. It also doesn't qualify to be one by South African law since it is a stokvel at its core. A registerd FSP is required by law to show their license at all times and state to their client that they are a registerd FSP
Burial schemes and stokvels seem to work hand in glove however we do not have a burial scheme but instead ask for a beneficiary during sign-up who will claim from your stokvel in the event of your untimely death. We call this imali yesoso. Members of your stokvel can also contribute towards imali yesoso
Since Day One is not a FSP we can not and DO NOT give financial advice. Only a registered FSP can give financial advice. We offer stokvels and engage in group diascussions on how to best invest and grow our money. This simple formula has been tried and tested
According to investopedia, a stockbroker is an individual or company that buys and sells stocks and other investments for a financial market participant in return for a commission, markup, or fee. As per SAIS(South African Institute of Stockbrokers) The role of a Stockbroker is to manage the financial portfolio of clients who could be individuals or organisations. Along with advice from investment analysts and knowledge of the regulatory framework and exchanges rules, Stockbrokers will advise their clients on which stocks to buy and which to sell. Day One doesn't fall within any of the aforementioned
A venture capitalist (VC) is a private equity investor that provides capital to companies with high growth potential in exchange for an equity stake. Read the full article here. According to SARS,The company must be a resident; The sole object of the company must be the management of investments in qualifying companies (i.e. investees); The company's tax affairs must be in order; and. The company must be licensed in terms of section 8(5) of the Financial Advisory and Intermediary Services Act, 2002. Read the full article here
Caution and vigilance should be exercised when looking to invest or grow your money. There are many scammers out there and we strongly recommend that you do plenty of research before trusting someone with your hard earned money. We have done our level best to disclose just what Day One is. We believe that only through transparency can we gain trust of our Residents and we are also regulated by the South African Reserve Bank
As of this writing, Day One is not registerd with the CIPC(Companies and Intellectual Property Commission) so don't be alarmed if their database search doesn't yield any desired results. Instead we are a Self Regulatory Organisation(SRO). This shouldn't be any problem since it is normal practice for stokvels to not be registerd up until they reach and satisfy a certain threshold of active users or revenue. South Africa has a lot of regulations and laws in place that we have to abide by, these regulations protect you and we are more than happy to inform you that we conform to them. Protection of Personal Information act (POPI Act) is one of them. this means that if we don't abide we as Headquaters are held accountable and could face jail time