Terms of Service

1. Acceptance of Terms

These Terms of Service (“Terms”) constitute a legally binding agreement between you (“Member”, “you”, or “your”) and the Stokvel Society South Africa Car Buying/Cash Savings Group (“Association”, “we”, “us”, or “our”), administered by Munhumukapa Holdings Group (Pty) Ltd (“Trustee Company”).

By completing the registration process, making a contribution, or using any of our services, you acknowledge that you have read, understood, and agree to be bound by:

• These Terms of Service
• The Association Constitution
• Our Privacy Policy
• Any additional policies and guidelines referenced herein

If you do not agree to these Terms, you must not register, contribute, or use our services.

2. Definitions and Interpretation

Unless otherwise defined in these Terms, capitalised terms have the meanings set out in the Association Constitution. Additional terms are defined as follows:

• “Platform” means the website, mobile application, and any digital services provided by the Trustee Company
• “Services” means all services provided by the Association and Trustee Company, including administration, digital wallet, member portal, and related offerings
• “Member Account” means your registered profile and access credentials to the Platform
• “POPIA” means the Protection of Personal Information Act, 2013
• “FICA” means the Financial Intelligence Centre Act, 2001
• “Business Day” means any day other than a Saturday, Sunday, or public holiday in South Africa

3. Nature of Services

3.1 What We Do

The Association provides:

• A cooperative pooling mechanism for members to save collectively toward vehicle acquisition or cash payouts
• Administrative and digital platform services through the Trustee Company
• Access to group benefits, workshops, and member perks based on membership tier
• Transparent governance and open-book accounting

3.2 What We Don’t Do

• We do not provide loans, credit facilities, or financing arrangements
• We do not guarantee investment returns or interest on contributions
• We do not provide financial advice or investment recommendations
• We do not insure or guarantee vehicle values or conditions

3.3 Legal Status

The Association operates under exemption from banking regulations applicable to cooperative savings schemes. All operations comply with the Constitution, applicable South African laws, and the principles of Ubuntu and communal solidarity.

4. Membership and Registration

4.1 Eligibility Requirements

To become a member, you must:

• Be at least 18 years of age
• Be a South African resident or have a valid work permit
• Provide accurate identification and contact information
• Complete FICA verification requirements
• Have a valid South African bank account
• Agree to these Terms and the Constitution

4.2 Registration Process

Registration requires:

1. Completion of the online or physical application form
2. Submission of required documentation (ID, proof of residence, bank details)
3. Selection of membership tier (Standard, Pro, or Premium)
4. Payment of the applicable joining fee
5. Verification of identity and FICA compliance
6. Acceptance by the Membership Officer or Executive Committee

4.3 Account Security

You are responsible for:

• Maintaining the confidentiality of your login credentials
• All activities that occur under your Member Account
• Notifying us immediately of any unauthorized access or security breach
• Keeping your contact information and banking details current

4.4 Membership Tiers

The Association offers three membership tiers, each with different benefits and joining fees:

• Standard: R500 joining fee, 12-month minimum wait time
• Pro: R1,000 joining fee, 9-month minimum wait time, workshop access
• Premium: R2,000 joining fee, 6-month minimum wait time, insurance support, priority service

All tiers pay the same monthly admin fee of R100. Full tier details are available in the Constitution.

5. Contributions and Fees

5.1 Contribution Plans

Members select a contribution plan toward a policy target of R200,000:

• 24-month plan: Approximately R8,333 per month
• 36-month plan: Approximately R5,556 per month
• 48-month plan: Approximately R4,167 per month

Contribution amounts are subject to adjustment based on policy changes approved by members.

5.2 Payment Obligations

Members must:

• Pay monthly contributions on or before the due date (1st of each month)
• Pay the monthly admin fee of R100
• Ensure sufficient funds are available in their designated bank account
• Use the approved payment methods (debit order, EFT, or bank deposit)

5.3 Late Payments and Default

• Payments received after the 7th of the month are considered late
• Two consecutive missed contributions result in account suspension
• Repeated defaults may result in membership termination
• Members in default forfeit queue priority and may incur penalties

5.4 Fees and Charges

The following fees apply:

• Joining Fee: R500 (Standard), R1,000 (Pro), or R2,000 (Premium) – non-refundable
• Monthly Admin Fee: R100 – covers platform, administration, and operational costs
• Withdrawal Fee: 5% of transaction amount for all withdrawals
• Early Cash-Out Penalty: 10% of contributed amount
• Cash Instead of Vehicle Penalty: 5% of policy value
• Voluntary Exit Fee: 10% of contributed amount

5.5 Use of Funds

Member contributions are:

• Held in trust by the Trustee Company in designated bank accounts
• Used exclusively for member benefit distributions and approved operational expenses
• Subject to open-book accounting and quarterly audits
• Not used for company profit or unauthorized purposes

6. Benefit Distributions

6.1 Eligibility Criteria

To receive a benefit distribution, you must meet ALL of the following:

• Contributed at least 50% of policy value (R100,000)
• Completed the minimum wait time for your membership tier
• Maintained good standing (no defaults or violations)
• Attended required meetings and workshops as per tier requirements

6.2 Distribution Options

Eligible members may choose:

• Vehicle Option: Selection of a vehicle up to R200,000 value (preferred option)
• Cash Option: Cash payout of policy value minus 5% penalty

6.3 Vehicle Distribution Process

1. Member reaches eligibility and notifies the Association
2. Member selects vehicle from approved list or makes a proposal
3. Executive Committee approves vehicle selection
4. Vehicle is acquired and delivered to member
5. Vehicle title remains with Association until full R200,000 is paid
6. Upon full payment, title transfers to member

6.4 Ownership and Title

• The Association retains legal ownership until the member completes all contributions
• The member has use and possession of the vehicle but not legal title
• The member is responsible for insurance, maintenance, licensing, and traffic fines
• The vehicle may not be sold, transferred, or encumbered until full payment is made

6.5 Queue System

Distributions are processed according to:

• Date of eligibility achievement
• Membership tier priority (Premium > Pro > Standard)
• Contribution consistency and good standing
• Availability of pooled funds

7. Member Rights and Obligations

7.1 Your Rights as a Member

All members have the right to:

• One vote in Association matters (one-member-one-vote principle)
• Access to all financial records and audit reports
• Attend general meetings (physical or virtual)
• View personal account and contribution history via the Platform
• Fair and equal treatment regardless of tier
• Participate in member benefits and workshops
• Appeal decisions through the dispute resolution process

7.2 Your Obligations

All members must:

• Make timely monthly contributions and pay admin fees
• Attend at least 75% of scheduled meetings
• Uphold the values of Ubuntu, trust, and solidarity
• Provide accurate and truthful information
• Respect other members and Association officials
• Comply with the Constitution and these Terms
• Report any suspected fraud or misconduct
• Maintain confidentiality of sensitive Association information

7.3 Prohibited Activities

Members may not:

• Use the Platform or Services for unlawful purposes
• Provide false or misleading information
• Transfer, sell, or assign membership to others
• Attempt to manipulate the queue or voting systems
• Engage in conduct that harms the Association’s reputation
• Misuse Association brand, logo, or intellectual property
• Access another member’s account or data

8. Digital Platform and Services

8.1 Platform Access

The Trustee Company provides a digital platform for members to:

• View account balance and contribution history
• Access digital wallet and make payments
• Participate in electronic voting
• Receive notifications and communications
• Access documents, reports, and educational content
• Contact support and submit queries

8.2 Platform Availability

We strive to maintain continuous platform access but do not guarantee uninterrupted service. The Platform may be unavailable due to:

• Scheduled maintenance and updates
• Technical difficulties or system failures
• Third-party service disruptions
• Force majeure events

We will provide reasonable notice of scheduled downtime where possible.

8.3 Acceptable Use

When using the Platform, you must not:

• Attempt to gain unauthorized access to systems or data
• Introduce viruses, malware, or harmful code
• Scrape, copy, or reverse engineer the Platform
• Interfere with other members’ use of the Platform
• Use automated systems or bots

9. Data Protection and Privacy

9.1 POPIA Compliance

We are committed to protecting your personal information in accordance with the Protection of Personal Information Act (POPIA). Our processing of personal data is governed by our Privacy Policy, which forms part of these Terms.

9.2 Information We Collect

We collect and process:

• Identification information (ID number, name, date of birth)
• Contact details (address, phone, email)
• Financial information (bank details, contribution history)
• FICA verification documents
• Platform usage data and communications

9.3 How We Use Your Information

Your information is used to:

• Administer your membership and process contributions
• Comply with legal and regulatory requirements (FICA, tax)
• Communicate with you