MyChama Stokvel
MyChama Stockvel is an independent stokvel-style savings programme that helps individuals, families and entrepreneurs build financial discipline through regular contributions. It operates separately from Mali and is not a deposit-taking service of Mali. All savings are managed within the MyChama Stockvel platform by members themselves, and Mali only verifies a customer’s savings history when assessing eligibility for developmental loans.
MyChama Stockvel strengthens responsible financial behaviour by encouraging members to save consistently toward personal or business goals. Because disciplined saving reduces credit risk, Mali recognises MyChama Stockvel participation as part of its responsible lending approach. This means customers who save through MyChama Stocvel are better positioned to qualify for certain Mali products — but the savings remain under the member’s control at all times.
Registration is simple and fully online at www.mychama.co.za, where individuals or groups can join the stokvel and begin building their savings track record.
MyChama Stokvel Overview
An independent stokvel savings programme that helps members build discipline and demonstrate financial stability, which supports eligibility for certain Mali credit products.
- Eligibility:- Open to individuals, groups, families and entrepreneurs.
- Savings Cycle: Minimum 3 months of consistent saving.
- Contribution: 20% for personal loan eligibility, 40% for developmental loan products.
- Purpose: To build financial discipline.
- Registration: Online at www.mychama.co.za
- Ownership of Savings: Fully controlled by members — not collected or held by Mali.
MyChama Stokvel Requirements
To qualify, customers must meet specific employment, income, and documentation criteria, including a verified salary, supporting bank records, and a minimum 20% MyChama savings record.
- Valid South African ID.
- Registration on www.mychama.co.za
- Minimum 3 months of consistent savings activity.
- 20% savings for personal loan eligibility (where applicable).
- 40% savings for developmental credit eligibility.
- Active bank account for personal transfers.
- Commitment to responsible saving behaviour.
How It Works
Members join MyChama at www.mychama.co.za, set their savings goals and make contributions directly into the stokvel savings structure. MyChama Stockvel keeps a record of all contributions, which members can track at any time.
When applying for a Mali loan, customers grant Mali permission to verify their MyChama Stockvel savings history only — Mali does not access or hold any savings. Once the required savings threshold is met, members may apply for developmental credit where Mali finances the remaining portion directly to suppliers or institutions.
This model promotes responsible borrowing without Mali ever taking deposits or managing member funds.
FAQs
-
Does Mali collect or hold MyChama Stockvel savings?
No. MyChama Stocvel is independent. All savings are held and controlled by members within the stokvel platform. Mali only verifies your savings history for eligibility.
-
How do I register for MyChama Stockvel?
Visit www.mychama.co.za and complete the simple online registration to join as an individual or within a group.
-
How do I become a member of MyChama Stockvel?
You can join MyChama Stockvel by registering online at www.mychama.co.za . Once registered, you become part of the stokvel savings programme that supports your qualification for Mali’s financial products.
-
Why is MyChama required for Mali loans?
It demonstrates financial discipline.
-
Is MyChama Stocvel a bank account?
No. It is a community-based savings platform, not a deposit-taking institution.
