StokFella is an app-based company that helps stokvels – saving or investment societies – manage their savings via a smartphone.
The app targets stokvel members who have a smartphone, in particular the administrators
Moloi is not deterred by the fact that his target market could be illiterate.
Moloi introduced his app in February and according to him the uptake has been phenomenal.
, he says.
Moloi says although banks seem to be his competition, his business concept is still unique.
According to Moloi all of the StokFella staff members have been part of a stokvel or a burial society on a personal capacity or indirectly from a young age through their mothers and fathers.
He admits that their concept is not unique as there are many concepts out there.
Moloi says he believes the stokvel is an under-serviced industry that could positively impact the country’s economic growth, if channelled correctly.
According to Moloi entrepreneurship in South Africa, particularly among the majority of the black population is still in its infancy and therefore he believes collaboration is probably the most critical consideration for start-ups in the current environment.
StokFella has collaborated with Pluritone, an IT service industry specialist in software, which helps with the development of the app.
They also work with Definitive Edge for PR exposure and GoSocial SA for social media presence.
, says Moloi.
Moloi advises that when looking for partnerships, start-ups should look for someone who will embody their vision and share their passion.
Moloi believes every entrepreneur needs a mentor.
Personally, Moloi has two mentors; a personal mentor who guides him in understanding what is important in life and a business mentor who ensures he “executes the goals he has set.
The App is downloadable from Google PlayStore for Android devices and iOS for Apple devices.