Monday, 08 October 2018

Stokvels inspire co-operative bank

ALL THE WAY TO THE BANK: Delegates attending this year’s LAMIPISA Conference have made use of South African legislation and the local culture of using stokvels as a savings vehicle to launch the LAMIPISA Cooperative Bank. ALL THE WAY TO THE BANK: Delegates attending this year’s LAMIPISA Conference have made use of South African legislation and the local culture of using stokvels as a savings vehicle to launch the LAMIPISA Cooperative Bank.

Delegates attending a conference which interrogated models to end poverty on the continent were so inspired they decided to launch a bank. 

As a result of the theme of this year’s LAMIPISA Conference, “Modelling Africa out of Chronic Poverty”, the organisers have made use of South African legislation and her people’s culture of using stokvels as a savings vehicle to launch the LAMIPISA Cooperative Banking project.

To launch the bank, the law requires a minimum of 200 members with a common bond to raise R1million amongst themselves.

According to Irshaad Desai, one of the conference’s organisers and a lecturer in the Department of Management and Project Management, 60 delegates joined the bank during the conference, followed by a further 20 people afterwards.

“Collectively, these roughly 80 people represent roughly 300 people,” said Desai.

He added that members of the public who intend to join the bank may register their interest on this link and they will be invited to the bank’s next information session.

This year’s LAMIPISA Conference was held on the District Six campus during September. It was attended by delegates from Africa and Palestine who presented their research papers and received valuable feedback from the attentive audience.

Written by Kwanele Butana

Email: butanak@cput.ac.za

Provides coverage for the Business and Management Sciences and Education Faculties, Student Affairs Department and Cape Town and Mowbray Campuses.