5 Minutes with Darren Langbein founder of United African Stokvel

Darren Langbein is the founder of United African Stokvel and has been an entrepreneur for the past 10 years in the property and financial industries. We chat about bringing stokvels into the 21st century.

Langbein has extensive experience in management roles and recently transitioned into the Fourth Industrial Revolution. Since 2017, he has launched three new start-ups in the telecommunications, investment and non-profit sectors. His passion for making a difference in people's lives is what drives the types of projects he takes on.

In this Q&A, Langbein speaks to Spot-On about the work being done at United African Stokvel, which is a safe and reliable, communitybased savings stokvel where they help individuals save for their future, together. With their various affordable saving plans, they assist you to save your money and earn highly competitive compound interest rewards on your savings.

What prompted the idea to digitise stokvels? I love the concept of people doing things together in the space of the Fourth Industrial Revolution. I am very attracted to the concept of people trusting each other, especially in this day and age.

United African Stokvel seems to be champions of modernising this old-age group-saving method. With stokvels often being dominated by the older generation, has it been easy to convince them to save their money digitally instead of holding cash because of their scepticism towards new tech? When we first started, it was exceptionally difficult to get people to trust us. Now that we are approaching our fourth birthday and have so many successful savers having been paid out, we are in a position where we have grown our members' trust and are growing exponentially.

What’s the average age of your members? I assume that they’re old?

No, that is very incorrect! We appeal to all age groups. We firmly believe it is never too early or too late to start saving.

It’s that time of the year when stokvels come into sharp focus, but also a period when criminals are most active. Would you say digitising stokvels is the safer option? Absolutely! There is no cash swapping between hands and there is a digital trail of all savings deposits and pay-outs. Digitising stokvels is the only way forward in terms of security.

How much of an assistance has social media been to your business? Social media is vital. We have tried all advertising avenues and social media is the most effective.

You’ve gone from having to defend your brand from being called a scam in your first year to having your members defend you in your third year. How valuable is the trust you’ve built with your members? Our stokvel is nothing without the trust and support of our members. Our members are the single most important part of our stokvel.

How many members does United African Stokvel have to date? We have over 15 000 members and are growing daily!

Can a person use your platform to save as an individual or must they be part of a group? You can save as an individual or as a group. We structure savings plans to suit your needs!

How important would you say saving is, especially in these financially challenging times? Saving is especially important these days as it creates a positive mindset. When you actively save money on a monthly basis, you start to become particularly careful on how you spend your money. This is the hidden gem in saving money – you become exceptionally careful with your unnecessary expenses.

unitedafricanstokvel

info@uasv.co.za

083 264 9115

https://uasv.co.za

With diligent monthly saving starting from as little as R500/pm, easy to save for the small goals that make the big changes possible. Save any amount between R500 and R50 000 monthly at a fixed term of 6 to 12 months compounded at a rate of 4% per month. Get rewarded for saving money – it’s how it should be. It’s simple – get bigger rewards for bigger savings! Sign up and save with UASV! – you can save by EFT or ATM Deposit Condition: ATM Deposit Limited to R50 000 once-off

Followers only! Save any amount between R1000 and R50 000 once-off and double your money in 12 months. Only legitimate page followers will be eligible for this special savings plan offer. Now what a way to get ready for a wonderful end to 2022!

Are you ready to save and receive your reward monthly? With our Upside-down Savings plan you can! Save a minimum of R5 000 up to R100 000 once-off for 12 months and earn rewards at 7% per month! With this saving, members receive their rewards paid out every month for 12 months with the initial savings paid out in month 13.