OTE2601 Assessment 3 Solutions
2025
Name: [Your full name]
Student Number: [Your student number]
Assessment: 3
Module Code: OTE2601
Subject Name:
Orientation to Teaching Economic
and Management Issues
________________________________________________________
Honesty Declaration
Name: ..............................................................
Student Number: .............................................. Module Code: ________
I declare that this assignment is my own original work. I have not copied anyone else’s
work or allowed anyone else to copy mine. I am aware that plagiarism is fraud and may
be punished by the cancellation of an offending student’s registration.
Signature: ........................................................
Date: ……………………………………………
, Question 1: Stokvel Account Comparison
Stokvels are community-based savings schemes commonly used in South Africa. Banks
have responded to this financial culture by offering formal stokvel accounts that provide
better security and added benefits.
Comparison between Bank Stokvel Accounts
Feature FNB / Nedbank Stokvel ABSA / Standard Bank Stokvel
Minimum Between R50–R100 per month,
R100 per month per member
Deposit flexible by bank
Tiered interest up to 5%, Interest varies based on savings
Interest Rate
depending on balance amount
Access to Based on group mandate Group resolution required to access
Funds (majority agreement) funds
Additional SMS alerts, free burial cover, Cellphone banking, funeral plans,
Benefits budgeting tools debit card options
Highly secure, regulated by Secure with fraud prevention
Security
banking laws features
These accounts help formalize savings, offer better returns, and reduce the risk of theft
or mismanagement associated with informal stokvels.
Types of Stokvels
1. Savings Stokvels: Members contribute a fixed amount monthly, then receive a
lump sum on a rotating basis or at year-end.
2. Burial Societies: Assist members with funeral costs, providing financial support
during bereavement.
3. Grocery Stokvels: Members save together to buy groceries in bulk, usually for
holiday seasons or major events.
4. Loan Stokvels: Provide loans to members at agreed interest rates, which are
repaid into the group savings.
2025
Name: [Your full name]
Student Number: [Your student number]
Assessment: 3
Module Code: OTE2601
Subject Name:
Orientation to Teaching Economic
and Management Issues
________________________________________________________
Honesty Declaration
Name: ..............................................................
Student Number: .............................................. Module Code: ________
I declare that this assignment is my own original work. I have not copied anyone else’s
work or allowed anyone else to copy mine. I am aware that plagiarism is fraud and may
be punished by the cancellation of an offending student’s registration.
Signature: ........................................................
Date: ……………………………………………
, Question 1: Stokvel Account Comparison
Stokvels are community-based savings schemes commonly used in South Africa. Banks
have responded to this financial culture by offering formal stokvel accounts that provide
better security and added benefits.
Comparison between Bank Stokvel Accounts
Feature FNB / Nedbank Stokvel ABSA / Standard Bank Stokvel
Minimum Between R50–R100 per month,
R100 per month per member
Deposit flexible by bank
Tiered interest up to 5%, Interest varies based on savings
Interest Rate
depending on balance amount
Access to Based on group mandate Group resolution required to access
Funds (majority agreement) funds
Additional SMS alerts, free burial cover, Cellphone banking, funeral plans,
Benefits budgeting tools debit card options
Highly secure, regulated by Secure with fraud prevention
Security
banking laws features
These accounts help formalize savings, offer better returns, and reduce the risk of theft
or mismanagement associated with informal stokvels.
Types of Stokvels
1. Savings Stokvels: Members contribute a fixed amount monthly, then receive a
lump sum on a rotating basis or at year-end.
2. Burial Societies: Assist members with funeral costs, providing financial support
during bereavement.
3. Grocery Stokvels: Members save together to buy groceries in bulk, usually for
holiday seasons or major events.
4. Loan Stokvels: Provide loans to members at agreed interest rates, which are
repaid into the group savings.
