6:06 AM
Flight
Centre Travel Group (FCTG) South Africa has reiterated the importance of
consumers only investing in reputable stokvel savings accounts managed by
well-known organisations.
This follows media reports that South Africans who
invested in WhatsApp stokvels, administered by anonymous individuals, have lost
their money.
The
National Stokvel Association of SA (Nasasa) has warned South African consumers
that WhatsApp stokvels are likely pyramid schemes. Only a few of the first
individuals who have joined are reported to have received a pay-out.
“This
highlights how important it is for consumers to only use respected brands to
invest their hard-earned savings into stokvels,” says Lance Nkwe, Flight
Centre Travel Group (FCTG) Business Leader Emerging Markets.
“Flight
Centre’s Stokvel clubs are managed by the Flight Centre Travel Group, a global
travel company that has been in the South African market for 25 years. We are
partnered with reputable financial institutions, giving consumers the added
assurance that their money and holiday dreams are in safe hands.”
Stokvels
have become incredibly popular as a means for people to benefit from the power
of group buying and collective savings.
Flight
Centre Travel Group launched its travel stokvel concept at the Travel Expo in
February 2018. To date,
just under 500 clubs have been signed up, and over R3 million has passed through
the business.
FCTG
has also announced that it has partnered with South African Tourism to
advertise and offer Flight Centre Stokvel clubs to government entities and
civil servants. Nkwe reported the Departments of Tourism, Arts and Culture, and
Home Affairs as some of the interested organisations.
Flight
Centre’s Stokvel charges no fees and customers can withdraw their money at any
time. Provided the minimum deposit amount of R500
remains in the account, Stokvel members can withdraw the funds for any use at
any time, not just to book travel.
“This
brings added peace of mind to the club members,” says Nkwe. “Members may be
saving for a holiday or to travel home, but there is flexibility. Club members
have access to their funds in the event of any unforeseen circumstances of
change of plans.”
Flight
Centre statistics have shown that clubs take about a year to mature before
members purchase travel or make any decisions. Families are also using the
accounts as a holding fund for family travel.
The Stokvels
are primarily used to book local domestic travel, as well as travel to best-selling
destinations, such as Zanzibar, Thailand and Bali.
“Flight
Centre Stokvel members also benefit from receiving expert travel advice and
club discounts, and the system is easy to use with no credit checks,” concludes
Nkwe.
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