South Africans have continue to embrace the culture of saving and investing. For many especially low income earners, access to investment and saving platforms can be expensive for their limited finances. It is due to this background that the traditional means of saving and investing called the Stokvel is still thriving in the country. An innovative app called Franc has been introduced in order to facilitate digital Stokvels.
Franc is a member of AlphaCode, the fintech investment arm of Rand Merchant Investment Holdings.
Franc app gives stokvel members access to the money market and an exchange traded fund through a mobile phone. This implies that investing has been made simple and affordable for anyone with a smartphone.
The innovative franc.app as a digital stokvel works by matching you with someone you know by invitation. All you need to provide is your ID number, upload proof of ID and address accompanied by a selfie.
Franc app only charges R5 per month after six months of membership has lapsed and members can get another six months free for every friend they invite who becomes a member in the first free six months.
The exchange traded fund (ETF) offered through this app include the Allan Gray Money Market Fund and the SAtrix40 which tracks the performance of the top 40 companies on the Johannesburg Stock Exchange (JSE).
With such innovation, Stokvel communities around the country can only grow from strength to strength.