Members of a stokvel, including prominent figures from the armed forces, have been thrown into turmoil following the alleged disappearance of about E160 000, sparking accusations of mismanagement, missing records and a treasurer who is said to have vanished.
The stokvel was founded by businesswoman and décor company owner Sindi Malolo Maseko, who also serves as its chairperson. What began as a trusted savings and lending scheme has now become the subject of intense dispute, with members demanding answers over money they say has not been paid out despite a full year of contributions.
In Eswatini, stokvels are widely relied upon as informal financial safety nets, particularly in the face of rising living costs, limited access to affordable credit and high unemployment. Many individuals turn to stokvels to enforce financial discipline, pool resources, grow savings through interest on internal loans and meet major expenses such as school fees, building projects or year-end obligations. Trust, transparency and collective accountability are therefore central to their survival.
It is against this backdrop that the unfolding dispute has sent shockwaves through the group, especially given that its membership reportedly includes individuals regarded as influential and disciplined, among them members of the armed forces.
READ MORE | E40 000 disappears from stokvel fund
The stokvel operated on a model that allowed members to save a minimum of E500 per month, with the option to increase contributions. Members could borrow against their savings and repay with interest, which would then benefit the collective pool. However, several members now say the system has collapsed.
During a heated meeting held at the Manzini Library, members openly questioned how such a large sum could go missing. Some of the money is believed to relate to outstanding member contributions, while a significant portion is suspected to have disappeared under the control of a treasurer entrusted with handling the funds and maintaining records.
From the outset, members made it clear that some contributors had never borrowed any money during the year yet still failed to receive their savings. One member said there were individuals who had saved consistently, owed nothing to the stokvel and were therefore baffled by the failure to pay them out. The member said they were demanding clear answers on where the money was and how it would be recovered.
Maseko, however, has denied that the money was ever kept by her. She told members that although she is the founder and chairperson, she did not have custody of the funds. She also stated that while she took a loan from the stokvel, she fully reimbursed it. According to members, she indicated that a committee member responsible for handling the money had allegedly disappeared and could not be located.
That explanation did little to calm tempers. One member dismissed the situation as far more than an administrative error, saying what had unfolded appeared deliberate and well planned. The member said they did not accept that the person who handled the money would simply vanish and never be found, adding that the way events unfolded throughout the year suggested orchestration rather than negligence.
The same member accused the administration of unequal treatment and abusive conduct, alleging that one administrator frequently used harsh language and shouted at members. The member said they felt intimidated and emotionally abused, adding that some individuals were persuasive and strategic in how they spoke, allegedly using their connections to lure or pressure people into joining the stokvel. Reference was made to repeated mentions of an armed forces member being part of the group, which the member said appeared to be used as a tactic to instil trust or fear. The member insisted they did not believe the missing treasurer could not be traced.
Legal options dominated much of the discussion. One member said they had consulted individuals well versed in the law and were advised that members should formally convene, pass a resolution and mandate a legal expert to engage the responsible committee members and the chairperson. That process, the member said, could ultimately result in a sheriff being instructed to recover the money.
Others expressed concern about delays associated with criminal proceedings. One member warned that reporting the matter to the police could result in a process dragging on for more than a year, while members urgently needed their funds, arguing that the sheriff route would be more effective.
A different view was that police involvement was unavoidable. One member said engaging law enforcement was important for formality and protection, noting that scams were increasingly common and that members needed to establish whether they had been dealing with genuine people. Another member echoed that view, saying members were obliged to involve authorities to determine how they could save diligently for a full year and still walk away empty-handed.
By the end of the meeting, members resolved to report the matter to the police while simultaneously pursuing legal avenues, including possible sheriff-led repossessions, in an effort to recover their money.
As the dispute deepens, the case has cast a harsh light on the fragility of trust within informal savings schemes, even those involving respected and prominent figures, with members vowing not to rest until every cent is accounted for.
