Stokvel Terms & Conditions

These terms apply when you start, join or use a group on Long Money Stokvel. They are separate from the Long Money Lending Terms of Service, which cover loans. By starting or joining a stokvel you agree to these terms and to the Stokvel Privacy Policy.

1. What Long Money Stokvel is

• Long Money Stokvel is an online tool that helps a stokvel keep its records: its members, the payout calendar, who has paid, fines and invoices.
• Long Money Stokvel is not a bank, not a savings account, not an investment and not a loan.
• Long Money does not collect, hold or pay out stokvel money. Members pay each other directly, into the bank account of the member whose month it is, or into the group's own account if the group has one.
• The agreement to save together is between the members of your group. Long Money is not a member of your stokvel and is not a party to that agreement.

2. Who can start or join a stokvel

• Long Money Stokvel is open to South Africans and foreign nationals living in South Africa. You must be 18 years or older and have a valid South African ID, or a passport, work or residence permit, asylum seeker permit or refugee ID.
• You must use your own account, your real name, middle name(s) and surname, and your own ID number, cellphone number and email address.
• You may only join a group with the code the group admin gave you.
• A group can have 2 to 60 members. Each member has one place and one payout month.

3. How a Long Money Stokvel works

• The group agrees on a fixed amount every member pays every month, and how many members there are.
• Each member chooses one payout month. Only one member can have each month.
• Every month, all members pay the agreed amount to the member whose month it is. That member receives the full payout.
• The stokvel runs for as many months as there are members, so every member gets one turn.
• A member who has already received their payout must keep paying every month until the cycle ends, so the other members also get their turn.

4. The group admin

• The person who starts the stokvel is its admin. The admin can make other members admins too. A group always has at least one admin.
• The admin records each payment when it is received, marks each payout as received, manages payout months, and may add or remove members.
• The admin sets the group's rules: the pay-by day, the extension period and the late fine.
• The admin must act honestly and fairly for the whole group, record payments correctly, and keep members' information confidential.

5. Paying on time, extensions and late fines

• Members must pay by the pay-by day the group chose (for example, the last day of the month, or the 27th).
• If you have not paid by that day, you get the extension the group chose (for example, 5 days).
• If you still have not paid after the extension, the admin may charge you a late fine of the amount the group chose (for example, R100 or R200). The admin can reduce or cancel a fine.
• Fines are owed to the group and are paid as your group's rules say. They are shown on your invoice until the admin marks them as paid.
• Each month you can download an invoice showing what you owe, any fines, and where to pay.

6. Payouts

• Each member adds their own banking details so the others can pay them in their month. Please keep your details correct.
• Before you pay, check that the account matches the member whose month it is. If anything looks wrong, speak to your admin first.
• Because Long Money does not handle the money, Long Money cannot reverse a payment or guarantee that any member will pay.

7. Leaving, removal and disputes

• If you want to leave, tell your admin. You should first pay what you owe under your group's rules, especially if you have already received your payout.
• The admin may remove a member who breaks these terms or the group's rules.
• Disagreements are settled inside the group, using the group's rules. Long Money can help by sharing the group's records with the members.
• We recommend that every group writes its rules (its constitution) in the "Group rules" section and registers with NASASA, the National Stokvel Association of South Africa.

8. Confidentiality — who can see your information

• Your banking details are shown only to the members of your own stokvel, so they can pay you in your month. They are never shown to anyone outside your group.
• Your ID number, cellphone number and email address are shown only to your group admin and to authorised Long Money staff. Other members cannot see them.
• Your name, payout month and payment status are shown to the members of your group.
• Every member and admin must keep other members' information confidential. Use it only for your stokvel. Do not share, copy, screenshot or post it anywhere else.
• Long Money never sells your information and does not use it for advertising.
• More detail is in our Stokvel Privacy Policy.

9. Our responsibility

Long Money keeps the records you and your admin enter, keeps them secure, and makes them available to your group. Long Money is not responsible for money paid between members, for a member who does not pay, or for incorrect banking details entered by a member. Nothing in these terms takes away any rights you have under South African law.

10. Beneficiaries and claims

• Every member should name a beneficiary on their group page: their name, surname, ID number, phone number, relationship and, if they like, bank details.
• If something happens to a member — for example if they pass away — the beneficiary or family submits a claim online on the Report a death or make a claim page.
• The claim must include the death certificate (or other proof of what happened), proof of how the person is related to the member, their own ID, and the bank account for payment.
• The group admin (or Long Money staff) checks the documents and approves the claim before the member's money is released. The group pays it as its rules say.
• A false claim will be refused and may be reported to the police.

11. Changes and contact

We may update these terms. When we do, we will change the date at the top of this page. Questions? Contact Long Money at [email address] or [phone number], or chat with our advisor.