Cash Club: WhatsApp gifting 2.0

In Cash Club, Latest by Njabulo Nsibande

Remember the WhatsApp pyramid scheme masked as a “WhatsApp stokvel”? It then returned as “WhatsApp gifting”.  I’m sure you’re not surprised to hear that I was invited to quite a fair bunch of them. Which, of course, I declined.

However, it got me thinking: whether it’s for the purposes of saving or investing, people struggle to commit. I’ve found that being accountable to your peers drives discipline and commitment.

Enter the “umshayelwano stokvel”. As a concept, it has been around in the townships for a long time. Members rotate “paying” each member on a monthly, weekly or fortnightly basis, depending on the members’ agreement. Usually, the amount is fixed for a year.

So I decided to start a gifting stokvel of my own with a few friends. We will rotate the gifting every month, similar to a “umshayelwalo”. Instead of sending each other cash, we will send EasyEquities vouchers. Which we can use for one thing only – to invest in our respective portfolios. 

In a way, we are now as a group compelled to pay ourselves because we’re accountable to other members in the group. We also have a WhatsApp group where we share financial information beyond investments.

We initially wanted to base it on birthdays, but some months have more birthdays than others. So we created a sequence by assigning 12 random numbers to each member and sort ascendingly.

This approach doesn’t require a joint bank account. But having an EasyEquities account is a prerequisite. 

Njabulo Kelvin NsibandeNjabulo Nsibande is a Just One Lap user-turned-contributor. His “Cash Club” blog details his experiences balancing the financial obligations of a young parent with his investment aspirations.

Njabulo is a founding member of an investment club. In this blog he shares his experiences trying to work out the intricacies of collective investment in the true sense of the word.

Follow Njabulo’s journey here every month. You can also follow his trading journey by listening to his Village Trader podcast.

Find him on Twitter: @njabulo_goje.

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