{"id":1851,"date":"2021-03-19T14:12:27","date_gmt":"2021-03-19T14:12:27","guid":{"rendered":"http:\/\/www.tt100.co.za\/?p=1851"},"modified":"2021-03-19T14:12:27","modified_gmt":"2021-03-19T14:12:27","slug":"cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel","status":"publish","type":"post","link":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/","title":{"rendered":"BMP Properties"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n

BMP Properties, winner of the Management of\nTechnology Award in the emerging enterprise category<\/p>\n\n\n

Cash and paper are a thing of the past\nfor this technology-wise stokvel<\/strong><\/h1>\n\n\n

The stokvel industry in South Africa turns\nover R10 billion a year and almost all of this is paid in cash and recorded on\npaper, exposing stokvels and their members to all manner of risks. One that has\nbroken the mould is Soweto-based Buhla Mahlo Properties (BMP), which has gone\ncompletely cashless and paperless.<\/p>\n\n\n

\"\"<\/figure><\/div>\n\n\n

\u201cYes, we are trailblazers in the use of\ntechnology in our industry, and introducing a cashless, paperless environment\nhas solved a lot of problems for us,\u201d says Archie Rantao, chairman of BMP Properties\n(which, as its name suggests, it more than a burial society \u2013 but more about\nthat later).<\/p>\n\n\n

Archie says the standard stokvel model is\nfor members to pay their contributions in cash, often on a Sunday when the\nbanks are closed. \u201cThe treasurer has to keep all that money until he can go to\nthe bank on Monday, putting his life at risk.\u201d<\/p>\n\n\n

But safety is not the only challenge that\ncash transactions pose for stokvels. <\/p>\n\n\n

\u201cThere also used to be a lot of conflict\nabout members\u2019 payments,\u201d Archie says, explaining that proving who has paid how\nmuch and when is crucial for a stokvel. <\/p>\n\n\n

\u201cWe are underwritten by a major insurer. If\na member passes and their contributions are more than three months in arrears,\nthe cover will not be paid. Before, members were always suspicious about the\nrecord keeping; now we can prove who paid and who didn\u2019t, and there is no more\nconflict.\u201d<\/p>\n\n\n

Archie explains how this came about. \u201cCash\nputs your life at risk; you can lose it or be robbed. To mitigate the risk, we\nstopped accepting cash and asked members to deposit their contributions into\nthe bank.<\/p>\n\n\n

\u201cWe then downloaded the banking app to see\nwho has paid and created a computerised spreadsheet to record the transactions.\nOnce a month, the spreadsheet is circulated to all members on WhatsApp for everyone\nto see.\u201d<\/p>\n\n\n

Initially, there\nwas some resistance to the new way of doing things. \u201cIn the townships, cash is\nstill king,\u201d Archie says. \u201cIt took some time to convert our members to cashless\nand paperless processes, but people see the benefit. It\u2019s more transparent.\nTrust is key in everything we do in life. Without trust, there is no\ninstitution.\u201d<\/p>\n\n\n

Other benefits\nare greater efficiency and better client service. \u201cUsing technology, you can\ntrack and reconcile your earnings and you always know how many clients you\nhave,\u201d he says. \u201cAnd why put your life at risk or expose people to temptation\nby working with cash?\u201d<\/p>\n\n\n

Having\nsuccessfully introduced cashless, paperless business, BMP Properties is also\nexpanding its scope of activities. It has purchased a stand at Protea Glen in\nSoweto and is seeking corporate partners either to establish a private school\nor build student accommodation. <\/p>\n\n\n

\u201cWe decided we\nwanted to be more than a burial society and also contribute to access to\nquality education in the townships so that our kids don\u2019t need to travel to the\nsuburbs,\u201d Archie says. \u201cKids have to wake up as early as 4.30am to get\ntransport and they come home at 6.30pm or 7pm, tired. It\u2019s too much for them.\nWe want to bring services to the townships so that our kids can have a better\nlife.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

BMP Properties, winner of the Management of Technology Award in the emerging enterprise category Cash and paper are a thing of the past for this technology-wise stokvel The stokvel industry in South Africa turns over R10 billion a year and almost all of this is paid in cash and recorded on paper, exposing stokvels and … Continue reading “BMP Properties”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1851","post","type-post","status-publish","format-standard","hentry","category-2020-excellence-awards-article"],"yoast_head":"\nBMP Properties - tt100<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BMP Properties - tt100\" \/>\n<meta property=\"og:description\" content=\"BMP Properties, winner of the Management of Technology Award in the emerging enterprise category Cash and paper are a thing of the past for this technology-wise stokvel The stokvel industry in South Africa turns over R10 billion a year and almost all of this is paid in cash and recorded on paper, exposing stokvels and … Continue reading "BMP Properties"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/\" \/>\n<meta property=\"og:site_name\" content=\"tt100\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-19T14:12:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/tt100.org\/#\/schema\/person\/515de6b13b8acffc6900fc841674dd53\"},\"headline\":\"BMP Properties\",\"datePublished\":\"2021-03-19T14:12:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/\"},\"wordCount\":568,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/tt100.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg\",\"articleSection\":[\"2020 Excellence Awards Article\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/\",\"url\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/\",\"name\":\"BMP Properties - tt100\",\"isPartOf\":{\"@id\":\"https:\/\/tt100.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg\",\"datePublished\":\"2021-03-19T14:12:27+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#primaryimage\",\"url\":\"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg\",\"contentUrl\":\"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tt100.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BMP Properties\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tt100.org\/#website\",\"url\":\"https:\/\/tt100.org\/\",\"name\":\"tt100\",\"description\":\"tt100\",\"publisher\":{\"@id\":\"https:\/\/tt100.org\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tt100.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/tt100.org\/#organization\",\"name\":\"tt100\",\"url\":\"https:\/\/tt100.org\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tt100.org\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/tt100.org\/wp-content\/uploads\/2021\/11\/cropped-TT100-logo-_-2012-2.jpg\",\"contentUrl\":\"https:\/\/tt100.org\/wp-content\/uploads\/2021\/11\/cropped-TT100-logo-_-2012-2.jpg\",\"width\":64,\"height\":64,\"caption\":\"tt100\"},\"image\":{\"@id\":\"https:\/\/tt100.org\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/tt100.org\/#\/schema\/person\/515de6b13b8acffc6900fc841674dd53\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tt100.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fd42e1d9a0d27271ea90864590959110?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fd42e1d9a0d27271ea90864590959110?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\/\/tt100.org\"],\"url\":\"https:\/\/tt100.org\/index.php\/author\/admin_tt100\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BMP Properties - tt100","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/","og_locale":"en_US","og_type":"article","og_title":"BMP Properties - tt100","og_description":"BMP Properties, winner of the Management of Technology Award in the emerging enterprise category Cash and paper are a thing of the past for this technology-wise stokvel The stokvel industry in South Africa turns over R10 billion a year and almost all of this is paid in cash and recorded on paper, exposing stokvels and … Continue reading \"BMP Properties\"","og_url":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/","og_site_name":"tt100","article_published_time":"2021-03-19T14:12:27+00:00","og_image":[{"url":"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg","type":"","width":"","height":""}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#article","isPartOf":{"@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/"},"author":{"name":"admin","@id":"https:\/\/tt100.org\/#\/schema\/person\/515de6b13b8acffc6900fc841674dd53"},"headline":"BMP Properties","datePublished":"2021-03-19T14:12:27+00:00","mainEntityOfPage":{"@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/"},"wordCount":568,"commentCount":0,"publisher":{"@id":"https:\/\/tt100.org\/#organization"},"image":{"@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#primaryimage"},"thumbnailUrl":"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg","articleSection":["2020 Excellence Awards Article"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/","url":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/","name":"BMP Properties - tt100","isPartOf":{"@id":"https:\/\/tt100.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#primaryimage"},"image":{"@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#primaryimage"},"thumbnailUrl":"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg","datePublished":"2021-03-19T14:12:27+00:00","breadcrumb":{"@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#primaryimage","url":"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg","contentUrl":"https:\/\/www.tt100.co.za\/wp-content\/uploads\/2021\/04\/JCP-42-1024x683.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/tt100.org\/index.php\/2021\/03\/19\/cash-and-paper-are-a-thing-of-the-past-for-this-technology-wise-stokvel\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/tt100.org\/"},{"@type":"ListItem","position":2,"name":"BMP Properties"}]},{"@type":"WebSite","@id":"https:\/\/tt100.org\/#website","url":"https:\/\/tt100.org\/","name":"tt100","description":"tt100","publisher":{"@id":"https:\/\/tt100.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/tt100.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/tt100.org\/#organization","name":"tt100","url":"https:\/\/tt100.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/tt100.org\/#\/schema\/logo\/image\/","url":"https:\/\/tt100.org\/wp-content\/uploads\/2021\/11\/cropped-TT100-logo-_-2012-2.jpg","contentUrl":"https:\/\/tt100.org\/wp-content\/uploads\/2021\/11\/cropped-TT100-logo-_-2012-2.jpg","width":64,"height":64,"caption":"tt100"},"image":{"@id":"https:\/\/tt100.org\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/tt100.org\/#\/schema\/person\/515de6b13b8acffc6900fc841674dd53","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/tt100.org\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/fd42e1d9a0d27271ea90864590959110?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fd42e1d9a0d27271ea90864590959110?s=96&d=mm&r=g","caption":"admin"},"sameAs":["https:\/\/tt100.org"],"url":"https:\/\/tt100.org\/index.php\/author\/admin_tt100\/"}]}},"_links":{"self":[{"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/posts\/1851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/comments?post=1851"}],"version-history":[{"count":0,"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/posts\/1851\/revisions"}],"wp:attachment":[{"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/media?parent=1851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/categories?post=1851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tt100.org\/index.php\/wp-json\/wp\/v2\/tags?post=1851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}