,OTE2601 Assignment 3 (COMPLETE ANSWERS)
2025 - DUE 8 July 2025; 100% TRUSTED Complete,
trusted solutions and explanations.
MULTIPLE CHOICE,ASSURED EXCELLENCE
QUESTION 1
Compare the stokvel accounts from FNB or Standard Bank
with ABSA or Nedbank. Also, elaborate on types and roles of
various stokvels. (25 marks)
Comparison of Stokvel Accounts:
FNB / Standard Bank ABSA / Nedbank
Aspect
Stokvel Accounts Stokvel Accounts
Similar banking
Offer formal banking security with
security with deposit regulated
Security
protection and formal environments and
record-keeping. formal account
management.
Interest earned on
Usually offer interest
savings or
or dividends
investments in the
Interest/Dividends depending on the
account varies; some
account type and
offer interest-bearing
amount saved.
options.
, FNB / Standard Bank ABSA / Nedbank
Aspect
Stokvel Accounts Stokvel Accounts
Digital platforms for
Provide online
easy access,
banking, mobile
Account transactions, and
apps, and dedicated
Management statements. Some
stokvel products with
have stokvel
statements.
management tools.
Sometimes offer Offer stokvel-specific
financial education loans, financial
Additional Services
and stokvel advisory advice, and group
services. insurance options.
Fees vary; some Fees may vary but
accounts have usually competitive
Fees minimal or no with incentives to
monthly fees to encourage stokvel
encourage saving. participation.
Types of Stokvels and Their Roles:
1. Contribution (Savings) Stokvel:
o Members contribute fixed amounts regularly. The
pooled money is given to one member each cycle.
o Role: Encourages disciplined saving and provides lump
sums to members for expenses or investments.
, 2. Rotational Stokvel:
o Similar to contribution stokvel but funds rotate
among members based on agreement.
o Role: Provides members with a lump sum on a
rotating basis for planned financial needs.
3. Investment Stokvel:
o Members pool money to invest in property, stocks, or
other ventures.
o Role: Wealth creation through collective investments.
4. Purchasing Stokvel:
o Group purchases goods or services in bulk to get
discounts (e.g., groceries, building materials).
o Role: Reduces individual costs through group buying
power.
5. Social or Funeral Stokvel:
o Members contribute towards social events or funeral
expenses.
o Role: Provides social support and financial aid during
emergencies.
QUESTION 2
2025 - DUE 8 July 2025; 100% TRUSTED Complete,
trusted solutions and explanations.
MULTIPLE CHOICE,ASSURED EXCELLENCE
QUESTION 1
Compare the stokvel accounts from FNB or Standard Bank
with ABSA or Nedbank. Also, elaborate on types and roles of
various stokvels. (25 marks)
Comparison of Stokvel Accounts:
FNB / Standard Bank ABSA / Nedbank
Aspect
Stokvel Accounts Stokvel Accounts
Similar banking
Offer formal banking security with
security with deposit regulated
Security
protection and formal environments and
record-keeping. formal account
management.
Interest earned on
Usually offer interest
savings or
or dividends
investments in the
Interest/Dividends depending on the
account varies; some
account type and
offer interest-bearing
amount saved.
options.
, FNB / Standard Bank ABSA / Nedbank
Aspect
Stokvel Accounts Stokvel Accounts
Digital platforms for
Provide online
easy access,
banking, mobile
Account transactions, and
apps, and dedicated
Management statements. Some
stokvel products with
have stokvel
statements.
management tools.
Sometimes offer Offer stokvel-specific
financial education loans, financial
Additional Services
and stokvel advisory advice, and group
services. insurance options.
Fees vary; some Fees may vary but
accounts have usually competitive
Fees minimal or no with incentives to
monthly fees to encourage stokvel
encourage saving. participation.
Types of Stokvels and Their Roles:
1. Contribution (Savings) Stokvel:
o Members contribute fixed amounts regularly. The
pooled money is given to one member each cycle.
o Role: Encourages disciplined saving and provides lump
sums to members for expenses or investments.
, 2. Rotational Stokvel:
o Similar to contribution stokvel but funds rotate
among members based on agreement.
o Role: Provides members with a lump sum on a
rotating basis for planned financial needs.
3. Investment Stokvel:
o Members pool money to invest in property, stocks, or
other ventures.
o Role: Wealth creation through collective investments.
4. Purchasing Stokvel:
o Group purchases goods or services in bulk to get
discounts (e.g., groceries, building materials).
o Role: Reduces individual costs through group buying
power.
5. Social or Funeral Stokvel:
o Members contribute towards social events or funeral
expenses.
o Role: Provides social support and financial aid during
emergencies.
QUESTION 2
