Motshelo bank account reduces fraud

Ononofile Lonkokile
Saturday, 09 January 2016
Motshelo bank account reduces fraud

This time of the year bulk buying or ‘motshelo’ as it is commonly known is a popular sight in wholesalers as groups of people flood the stores with trolleys full of food items. Barclays Bank has introduced Motshelo Savings Account that offers interests.

The group savers account only requires P500 opening deposit, a minimum of three members, Omang or passports of two signatories, proof of residence and names as well as a confirmation by members of the club. In return, the members receive free P2, 000 accidental cover for 10 members, cheque book, monthly statements.

Most importantly Barclays explained that the Motshelo product offers an interest rate, enabling motshelo members to realise real value on their activities. Finance Director at Sefalana Group Mohamed Osman indicated that as Sefalana they are very much aware of the importance of Motshelo to Batswana.

As one of the largest wholesalers, he said they aim to continue supporting this tradition yearly. “December is a very busy month across all retail sectors, this is in part due to many companies paying bonuses and thirteenth cheques, as families reunite over the festive season we find additional spending taking place,” said Osman.

Osman said that they have geared up their stores accordingly to provide the best possible offering in the market. The purchases made by the groups from Sefalana range from basic commodities that have a shelf life, to cleaning aides and some luxury items. For Connie Pule year end and festive season means reaping what she sowed last December.

Having been a member of Motshelo for years now, she describes it as a great initiative that requires disciplined and trustworthy members. She says their one stop shops for bulk buying are wholesalers as they always provide what they need at a reasonable price. On why they always buy food in bulk she indicated that they save it for the next year and that they last up to mid-year.

“Motshelo is a good initiative, we have opened a Motshelo account to avoid instances where money gets stolen or misplaced,” explained Pule. Spar has since introduced motshelo bulk buys and competition for Motshelo Clubs that shop at Spar for their bulk buys.

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