QUICK REVIEW
A stokvel is a South African informal group savings scheme. Normally done by a group of people who know each other, be it family members, workmates or neighbors who come together to raise money for a similar course. Makro has a type of stokvel scheme called grocery stokvel. This is where a group can open a stokvel account with them, start saving a certain amount monthly to buy groceries in bulk and at a discount towards the end of the year. Purchases are made in shops which offer satisfying discounts on bulk buying.
What does Makro stokvel offer
- Makro has a shared buying scheme in which a larger group accumulate their money every month to buy in bulk and divide up their purchases towards the end of the year
- Stokvel members contribute a set amount of money towards their club every month
- Makro stokvel works as a saving scheme, offering customers collective savings and buying services
- In most stokvels, they have a chairman and treasure responsible for administering the investment and taking care of all the paperwork
- The stokvel vary in size from 12 to 150 members
- Members make decisions collectively on what they buy and where they make their purchases which will be suitable either by location or by discount
- Since the purchasing is done in bulk, significant savings are made and members receive more goods for their money compared to if they had purchased individually from retailers.
ABOUT MAKRO
Makro operates in 22 massive warehouse stores situated in the large metropolitan centers in South Africa selling food, liquor and general merchandise to retail and wholesale customers. Makro sells food and non-food products, usually located in different sections of the store. Each store also contains a hot-food cafeteria, and a cash machine. The food section includes a fresh fish section, a wine section, fresh meat and butchery department, and refrigerated aisles.
Since stokvels society offers people the opportunity to access affordable goods, Makro’s stores are focused on helping their members get the best possible deals and make special arrangements to deliver on this promise.
The stores work closely with the stokvels and host regular meetings to gain a better understanding of what members want and how stores can deliver the right value at the best possible price. The stores also use their buying and procurement expertise to negotiate great deals with suppliers to make things easy for their stokvel society members.
How to register for Makro Stokvel account
- Go to your nearest Makro store
- Ask to speak to a consultant at the reception
- Complete the documentation and paperwork needed
- Get a card with your stokvel name
What is required to register a Makro stokvel account
- Each signatory’s valid South African ID or smart card.
- Signatories who are not South African citizens can submit their passports and permanent resident permits.
- A copy of your stokvel’s constitution.
- Proof of your stokvel’s registered address.
Who is eligible to register for Makro stokvel account
- Anyone who already has a stokvel or a few people who are interested in joining a stokvel and share the same interests
- People who can deliver the documents required to register for a stokvel
Does Makro stokvel generate interest?
Makro stokvel is not a bank and it does not generate interest, it just keeps the exact amount you have been saving. This money will be used towards the end of the year to buy groceries in bulk and get great bulk discounts offered at the store to get more value for your money.
Pros of having a Makro stokvel account
- Makro’s stores are focused on helping their members get the best possible deals.
- Stores work closely with the stokvels and host regular meetings to gain a thorough understanding of what members want and how stores can deliver the right value at the best possible price.
- Stores use their buying and procurement expertise to negotiate great deals with suppliers.
- Special opening hours are introduced at this time of the year and transport of goods is made available for those who need it.
- Being in a stokvel can help you save up a large amount of money relatively quickly which can help you save up a lot on grocery buying through bulk discounts.
- Bulk grocery deals on items that have a longer shelf life like rice, maize, canned goods, and other pantry staples, which reduce your monthly grocery expenses throughout the year.
Cons of having a stokvel account
- Not every stokvel can be successful, some people tend to default or fall out because of life problems that pop out of nowhere
- Can be regarded as unreliable by defaulting
- You cannot use the money you have been saving if you run into problems during the course of the year
- You cannot take decisions on your own or decide to take your money whenever you want
- Grocery stokvels do not offer cash back, you can only buy groceries with the money even if you had emergencies that needed money at the moment.
Contacts
- If you have any questions, call them on 0860 600 999 or send us a WhatsApp on +27 600 197 747.
- Any Promotion related queries may be directed to 0861 4263 2273or email on service@makro.co.za from Monday to Friday, 08h30 to 17h00.
- The best email to contact Makro SA is makroonline.support@makro.co.za. 94% of customers use this email address to address their issues and concerns.
