Festive season: Stokvel groups warned to be vigilant

According to incidents reported to Sabric between 2014 and December this year, 53 stokvel robberies were reported with 77% of these incidents having taken place during the festive period.

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CAPE TOWN - The South African Banking Risk Information Centre (Sabric) is appealing to locals, especially stokvel groups to be extra cautious this festive season.

According to incidents reported to Sabric between 2014 and December this year, 53 stokvel robberies were reported with 77% of these incidents having taken place during the festive period.

Sabric CEO Kalyani Pillay says they're urging these groups to find safer ways to transact, instead of carrying large amounts of cash.

“Even if it’s not stokvels, but people are collecting their bonuses and we’re not certain why people should feel that they need to draw cash. And we just wanted to alert people to the different ways that they could actually get access to their money without actually having to draw cash and also minimise the risk of being robbed.”