Question 1

What is NASASA Financial Co-operative?

Accepted Answer

NASASA Financial Co-operative is a member-owned financial institution established by the National Stokvel Association of South Africa. It operates as a registered Co-operative Financial Institution serving South Africa's extensive stokvel community. With stokvels representing a R50 billion annual savings pool involving over 11 million individuals across 800,000 groups, NASASA Financial Co-operative provides formalized financial services to this traditionally informal sector.

The institution bridges the gap between traditional communal savings practices and modern banking, offering regulated financial products tailored to stokvel members' needs.

Question 2

When was NASASA Financial Co-operative founded?

Accepted Answer

NASASA Financial Co-operative was registered with the Prudential Authority on July 16, 2020. The institution evolved from the National Stokvel Association of South Africa (NASASA), which was established in 1988 by founder Andrew Lukhele.

NASASA itself is approved as a Self Regulatory Organisation by the South African Reserve Bank under Government Gazette No. 37903 dated August 15, 2014. The creation of the financial co-operative represented a natural progression, allowing NASASA to offer direct financial services to its constituency rather than merely regulating and representing them.

Question 3

Where is NASASA Financial Co-operative headquartered?

Accepted Answer

NASASA Financial Co-operative is headquartered at 84 Albertina Sisulu Street, Johannesburg, 2000, in the National Bank Building. This central Johannesburg location positions the institution at the heart of South Africa's financial district.

Question 4

Where does NASASA Financial Co-operative operate?

Accepted Answer

NASASA Financial Co-operative operates throughout South Africa, serving stokvel groups and individual stokvel members nationwide. The institution maintains its primary operations from Johannesburg, with reach extending across all nine provinces.

The co-operative's common bond includes stokvel groups and individual stokvel members in good standing with groups that have valid NASASA membership. This national footprint reflects the widespread nature of stokvel practice across South African communities.

Question 5

What services does NASASA Financial Co-operative offer?

Accepted Answer

NASASA Financial Co-operative offers a range of products designed specifically for the stokvel sector:

Savings products including i-save and we-save accounts that allow members to earn competitive returns on their deposits.

Financial Co-operative Retail Savings Bonds with a guaranteed 4% return backed by National Treasury, providing capital protection with predictable outcomes.

Stokvel Funeral Plans tailored to burial societies and stokvels, allowing customization based on beneficiaries' needs and preferences.

The co-operative is authorized by the Financial Services Conduct Authority (FSCA) as a Financial Services Provider and is registered under the Co-operative Banks Act, enabling it to operate within a fully regulated framework.

Question 6

What makes NASASA Financial Co-operative unique?

Accepted Answer

NASASA Financial Co-operative holds a distinctive position as the only financial institution exclusively designed for South Africa's stokvel sector. It represents over 125,000 stokvel groups with 2.5 million individuals, making it the largest representative body for this informal savings sector.

The co-operative operates on a Client-Owner model where members both use services and hold equity, creating a critical wealth creation tool for participants. This democratic structure ensures stokvels have a voice in their financial institution's governance.

NASASA's triple role as a Self Regulatory Organisation, Financial Services Provider, and Financial Co-operative creates a comprehensive support ecosystem for stokvels operating within a legitimate, regulated framework.

Question 7

What type of financial institution is NASASA Financial Co-operative?

Accepted Answer

NASASA Financial Co-operative is a Co-operative Financial Institution (CFI) registered under Certificate No. CFI0024 in terms of section 40C(1) of the Co-operative Banks Act 40 of 2007. CFIs in South Africa are member-owned deposit-taking institutions that provide savings and lending services to their members.

The institution operates under the supervision of the Prudential Authority of the South African Reserve Bank. As a co-operative, it functions democratically with member control, ensuring that decisions reflect the interests of the stokvel community it serves rather than external shareholders.

Question 8

How does NASASA Financial Co-operative support South Africa's stokvel tradition?

Accepted Answer

Stokvels are rotating credit unions where members contribute fixed sums to a central fund, with each member receiving the accumulated funds on a rotational basis. This centuries-old practice, originating from "stock fairs" of English settlers, represents a significant informal financial sector in South Africa.

NASASA Financial Co-operative formalizes these traditionally informal arrangements, providing regulatory oversight, financial literacy education, and access to investment vehicles while preserving the communal spirit of stokvels. By offering compliant financial products, the co-operative protects members from unregulated schemes while enabling them to maximize returns on their collective savings.

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About NASASA Financial Co-operative in South Africa

NASASA Financial Co-ope­rative