Proudly supporting female street vendors to boost their business using stokvel principles and practices

You make your living selling goods or services as a street vendor.
You need access to credit to make your business more sustainable.
You are in a stokvel with others just like you.

Sign up if you’d like us to meet your group

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How Spoon Money works

1. JOIN SPOON MONEY STOKVEL
  • A group of at least 5 female street vendors applies to join the Spoon Money Stokvel
  • Spoon assesses the group for suitability and the local Community Hub provides further vetting
  • If accepted, the group starts saving with Spoon
  • The group can make an application for credit to boost their business
  • The local Community Hub is the point of access to training and services to support your business growth – groups are obligated to attend regular meetings
2. SAVINGS
  • Minimum monthly contribution of R100 per member.  Members are encouraged to set a goal and work towards achieving this.
  • We split member contributions between Emergency and Long-term investments.
  • Member contributions are invested with a reputable asset manager – providing access to wealth-creating capital markets.
  • Members can withdraw savings at any time provided the group is in good standing.
  • Members receive their contribution plus any capital growth up to termination of membership.
3. CREDIT
  • Savers have the opportunity to access credit (as a group) to buy stock.
  • Credit approval, limit, rate and terms will be determined by criteria Spoon Money (Pty) Ltd applies.
  • This is a group loan, so every member of your group is held responsible for the repayment of the loan
  • The loans are administered though Spoon Money (Pty) Ltd, a registered credit provider (NCRCP 11976).
1. JOIN SPOON MONEY STOKVEL
  • A group of at least 5 female street vendors applies to join the Spoon Money Stokvel
  • Spoon assesses the group for suitability and the local Community Hub provides further vetting
  • If accepted, the group starts saving with Spoon
  • The group can make an application for credit to boost their business
  • The local Community Hub is the point of access to training and services to support your business growth – groups are obligated to attend regular meetings
2. SAVINGS
  • Minimum monthly contribution of R100 per member.  Members are encouraged to set a goal and work towards achieving this.
  • We split member contributions between Emergency and Long-term investments.
  • Member contributions are invested with a reputable asset manager – providing access to wealth-creating capital markets.
  • Members can withdraw savings at any time provided the group is in good standing.
  • Members receive their contribution plus any capital growth up to termination of membership.
3. CREDIT
  • Savers have the opportunity to access credit (as a group) to buy stock.
  • Credit approval, limit, rate and terms will be determined by criteria Spoon Money (Pty) Ltd applies.
  • This is a group loan, so every member of your group is held responsible for the repayment of the loan
  • The loans are administered though Spoon Money (Pty) Ltd, a registered credit provider (NCRCP 11976).

Our Story

As a social enterprise, our mission is to support women in the low-income market segment to boost their businesses, build financial capability and resilience, and transition our clients from subsistence to stable, profitable micro businesses.

Many self-employed street vendors participate in stokvels as a means of saving. Whilst helpful, often this mechanism doesn’t go far enough to help build up reserves to cover unexpected financial needs or to significantly raise the standard of living in the longer term.

With greater economic mobility, financial independence and thriving township communities at the heart of our vision, we address this by providing community-based financial products and services. We build on stokvel principles of groups, trust and social capital.

The Team

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Nicky Swartz
I’m absolutely persuaded that if we empower women to be more successful in their work and financial lives, we provide the foundation for better social outcomes. 

spoon-money-lorna-team

Lorna Mclaren
I am passionate about levelling the playing field for women and, together with our customers, creating products that facilitate deep financial inclusion.

We Are Supported By :

We loved the energy of the Spoon Money team, the fact that they are solving a sizeable problem in their communities and their data-driven approach to monitoring their progress.

Dominique CollettRand Merchant Investments

Spoon Money arrived with an idea which we thought had merit. The team has subsequently pivoted into an enterprise which we’re even more excited about. They’ve shown great tenacity and perseverance working in a segment known to be super-challenging.

Zach GeorgeStartupbootcamp Africa

I used to sell small items, underwear, shoes, but with Spoon’s support, I’ve been able to expand to sell jean and jackets as well which has really helped boost my business.

Eunice Mabitle - ClientMasakhane Group

Committed, focused and "all-in" are characteristics we look for in founders, and the Spoon Money team encompasses all of the above. Furthermore, with a unique business plan, and fulfilling a unique problem, we believe in the boldness of what Spoon Money is aiming to achieve. Spoon Money is truly speaking to the economic and gender economic shortfalls of South Africa.

Janine BaselAkro

More important than the highly competitive return, I invested because the Spoon Money team are passionate about the financial transformation that they are able to bring to their customers lives. With that level of enthusiasm and commitment, they truly can change the face of financial inclusion as we know it

Mark YoungAngel Investor

We're thrilled to welcome Spoon Money to our portfolio, and particularly excited about their potential to impact underserved women in South Africa.

Maelis CarraroCatalyst Fund at BFA Global

Spoon Money’s dedication to uplifting informal traders and creating sustainable employment for a marginalised community is a natural fit to the SAB Foundation’s purpose of empowering female entrepreneurs. We are excited to be a part of Spoon Money’s journey and believe they will grow as an enterprise and change the economic conditions of many.

Ntandokazi NodadaSAB

Spoon Money Contact Details 

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Spoon Money (Pty) Ltd is a registered credit provider – NCRCP 11976.
Information provided by Spoon Money Stokvel is for informational and general educational purposes only and does not constitute investment nor financial advice.

Spoon Money
Telephone: 0780868765
info@spoonmoney.com

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