,OTE2601 Assignment 3 (COMPLETE ANSWERS)
2025 - DUE 8 July 2025; 100% TRUSTED Complete,
trusted solutions and explanations.
MULTIPLE CHOICE,ASSURED EXCELLENCE
QUESTION 1: Stokvel Accounts Comparison (25 marks)
Types and Roles of Stokvels:
Stokvels are community-based savings groups where members
contribute a fixed amount regularly and take turns receiving
lump-sum payouts. Common types include:
Savings stokvels: Members pool money to save for
individual or group use.
Grocery stokvels: Members contribute monthly to buy
groceries in bulk at the end of the year.
Burial societies: Assist with funeral costs when a member
or family member passes away.
Investment stokvels: Focused on growing money through
investing in property, shares, or small businesses.
These stokvels promote financial discipline, provide social
support, and serve as informal financial institutions in many
communities.
Comparison: FNB vs ABSA stokvel accounts
, Feature FNB Stokvel Account ABSA Stokvel Account
Minimum Minimum of 3
Minimum of 3 members
Members members
Competitive interest Tiered interest rates
Interest Rate
based on balance based on savings
Available via internet
Account Online banking and
banking and cellphone
Access mobile app access
banking
Each member can get
Signatories and members
Transparency viewing rights to
can track transactions
track funds
Discounts and Free group funeral cover
Benefits vouchers from (if monthly contribution
partners threshold met)
No monthly fee if a
Low or no monthly
Fees minimum balance is
fees
maintained
Designed for savings Can be used for saving or
Purpose-built
and payout rotation emergency group funding
Conclusion:
Formal stokvel accounts from banks like FNB and ABSA combine
the benefits of traditional stokvels with the security,
2025 - DUE 8 July 2025; 100% TRUSTED Complete,
trusted solutions and explanations.
MULTIPLE CHOICE,ASSURED EXCELLENCE
QUESTION 1: Stokvel Accounts Comparison (25 marks)
Types and Roles of Stokvels:
Stokvels are community-based savings groups where members
contribute a fixed amount regularly and take turns receiving
lump-sum payouts. Common types include:
Savings stokvels: Members pool money to save for
individual or group use.
Grocery stokvels: Members contribute monthly to buy
groceries in bulk at the end of the year.
Burial societies: Assist with funeral costs when a member
or family member passes away.
Investment stokvels: Focused on growing money through
investing in property, shares, or small businesses.
These stokvels promote financial discipline, provide social
support, and serve as informal financial institutions in many
communities.
Comparison: FNB vs ABSA stokvel accounts
, Feature FNB Stokvel Account ABSA Stokvel Account
Minimum Minimum of 3
Minimum of 3 members
Members members
Competitive interest Tiered interest rates
Interest Rate
based on balance based on savings
Available via internet
Account Online banking and
banking and cellphone
Access mobile app access
banking
Each member can get
Signatories and members
Transparency viewing rights to
can track transactions
track funds
Discounts and Free group funeral cover
Benefits vouchers from (if monthly contribution
partners threshold met)
No monthly fee if a
Low or no monthly
Fees minimum balance is
fees
maintained
Designed for savings Can be used for saving or
Purpose-built
and payout rotation emergency group funding
Conclusion:
Formal stokvel accounts from banks like FNB and ABSA combine
the benefits of traditional stokvels with the security,
