This Constitution governs the Stokvel which is accessed through the Moneyclub Mobile Application. Members of the Stokvel are required to download and register on the Moneyclub Mobile Application and agree to the Moneyclub Terms and Conditions. Membership is open to individuals who share a common bond, which, in this context, is defined as a collective financial interest in savings, investment, or group financial goals facilitated through the Moneyclub platform.
The name of the Stokvel shall be Moneyclub Stokvel, operating under the Moneyclub platform.
The Stokvel aims to promote personal and group development and pool funds with a common purpose and outcome.
The aim of this Stokvel is to pool funds to promote savings, financial literacy, and long-term wealth creation for its members (the “Purpose”). The Stokvel seeks to empower members by fostering responsible financial habits, improving access to interest-bearing savings opportunities, and providing educational resources on financial planning, budgeting, and investing.
The Stokvel shall maintain a dedicated bank account in its name at a South African registered bank. The bank account shall be managed by authorized Stokvel members as signatories, the Treasurer, Chairperson, and the Secretary who will approve transactions based on the Stokvel's rules. All deposits into, and disbursements from, the investment fund shall be routed through this dedicated bank account in accordance with the investment provider’s requirements and regulatory best practices.
Floatpays curates a list of regulated third-party investment funds. Floatpays provides the Moneyclub platform for the digital administration of contributions, record-keeping, and communication. Floatpays does not act as a fiduciary, credit provider, or investment manager for any Stokvel or its members.
Each Stokvel is established and governed by an Executive Committee, which is responsible for selecting one Approved Investment Fund as the savings vehicle. The Executive Committee comprises the Chairperson, Treasurer, and Secretary, who collectively manage the Stokvel in accordance with this Constitution.
6.1Membership is open to individuals who join a specific Stokvel and agree to this Constitution and the associated Moneyclub Terms and Conditions.
6.2 By joining, a member consents to the investment choice made by the Stokvel Executive Committee.
6.3 Members shall not have any voting rights concerning investment decisions or the general operation of the Stokvel.
6.4 Members may decide to join a Stokvel as a Savings Club. The Savings Club will operate under this Constitution and may apply additional group-specific terms and rules (“Group Rules”), as set by the Group Savings Club administrator at the time of creation. These Group Rules shall be binding on all members of that club and shall be published in the MoneyClub App prior to a member’s acceptance into the group. In the event of a conflict between the Group Rules and this Constitution, this Constitution shall prevail in all matters relating to legal structure, compliance, and governance.
7.1 Contributions shall be made through the Moneyclub platform.
7.2 All contributions shall be directed to the selected Approved Investment Fund.
8.1 Withdrawals may only occur in accordance with the rules set by the Executive Committee and subject to the terms of the selected investment fund.
8.2 Members may terminate their participation by providing notice via the Moneyclub platform. Proceeds shall be distributed in accordance with the fund’s terms and net of any fees or obligations.
9.1 The Executive Committee shall consist of three members: Chairperson, Treasurer, and Secretary.
9.2 The Committee shall:
9.3 Executive Committee members may only be removed by Floatpays, or in cases of resignation, incapacity, or misconduct.
This Constitution may only be amended by resolution of the Executive Committee. Members do not have the right to vote on constitutional changes.
11.1 The Stokvel may be dissolved by decision of the Executive Committee.
11.2 Upon dissolution, funds shall be distributed to members proportionate to their contributions, after settlement of all obligations.
All members are responsible for any individual tax obligations arising from their participation. The Stokvel shall comply with applicable South African laws including, where relevant, the Banks Act Exemption Notice, FICA reporting obligations, and other regulatory requirements.
Any dispute arising under this Constitution shall be resolved through mediation. A mediator shall be appointed by mutual agreement between the Executive Committee and the disputing party. If no agreement can be reached, Floatpays may nominate a neutral third-party mediator. The mediator’s decision shall be final and binding.
Each Stokvel may apply additional Group Rules to govern operational aspects of that specific savings club. These Group Rules may include, but are not limited to, the following:
All Group Rules must be accepted by members on joining a Savings Club and shall be enforced by the Executive Committee of that Stokvel. Group Rules shall be hosted in the Moneyclub App and must not contradict the terms of this Constitution.
The Moneyclub Stokvel operates under the Banks Act Exemption Notice and is not a registered financial institution. It does not accept deposits from the public or conduct the business of a bank as defined in the Banks Act. All funds are invested in regulated financial products, and the Stokvel complies with the FAIS exemption and FICA obligations where applicable.