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The Stokvel Guru: Palesa

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I’m Palesa Lengolo and over the next few months, I am going to chronicle my journey in the Stokvel Space. Before I do, here’s a little bit about myself and how this all got started.

I studied Finance and I worked in different financial service companies, but never bothered myself with the investment side of things until I was employed at one of the top banks in their investment department. I was exposed to investments and I saw how people’s money go invested. I became curious and decided to learn more and researched this outside my job. I found that a lot of people don’t know much about ‘real’ investments and the more I dug and spoke about it, there more I enjoyed telling people about it.

I had many questions and as I tried to find answers I learned a great deal! Throughout this process I equipped myself with investment knowledge. I learned so much that I could not keep this wonderful knowledge to myself anymore, I wanted to teach everyone about it!

I thought about where I come from and how I grew up: the Stokvel, churches, schools. I realised that even young professionals, like myself, and many people in the informal sector are not exposed to this kind of thing.

Because of all this, Palengo Holdings was born. I decided that under this aspiring investment company, the first thing I should concentrate on is Investment Education. My target, for this education, would be the Stokvel as this is the most popular way of ‘investing’ in South Africa among the black informal sector. They have money and are constantly looking for ways to maximise their cash. I also focus on churches, small businesses and individuals in general who need more information/education regarding investing. I started with my family and friends, and now I have been doing a lot in the Stokvel space and other groups.

This has been a wonderful journey because I have seen people from where I come from work for years and still don’t live comfortable lives financially, even after retirement. I didn’t want this to happen to me or anyone. We can’t go through life being broke forever. We have to do something about this situation it in our lifetime: the sooner the better.

I learned that it is not that people chose to be financially illiterate, it is because there is not enough knowledge at our disposal or people don’t know where to get the knowledge and how to start. With the knowledge I have acquired I choose to direct or point people at the ‘right’ direction by teaching investment education as one of the ways to remedy poverty and create wealth among our people.

Keep your eyes on my section: Stokvels and I’ll give you the best tips and tricks to keep your Stokvel on top!

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  • James Williams

    That’s great Palesa! I have seen a lot published recently about digital finance, or what some are calling FinTech. I looked about online and found an online stokvel that is launching soon call http://www.piggybank.co.za – what are your thoughts on this?

    • Palesa Lengolo

      Thank you James for the comment! I love piggy bank ‘s idea of online stokvels, as it will help alot of traditional stokvels to be well organised interms of their administration. This will make stokvels evolve with the times of technology!