Ex-Discovery innovation head launches digital stokvel Franc

Ex-Discovery innovation head launches digital stokvel Franc

Franc founder Thomas Brennan

Thomas Brennan, the former head of digital innovation at Discovery has launched a digital stokvel - an app-based investment vehicle that claims to slash the cost of investment.

Called Franc , the app makes investing “simple and affordable for anyone with a smartphone”, the company said. Franc gives stokvel members access to the money market and an exchange-traded fund via their mobile phones.

Franc has no minimum investment amount and investors can withdraw or transfer their money anytime without penalty. There are no hidden or complicated fees, it said.

There's no more dealing with brokers, no more paperwork, and no more complicated fine print – everything is done through the mobile app

Access to Franc is free for the first six months; thereafter the membership fee is R5/month, though members can get another six months free for every friend they invite who becomes a member in the first free six months. “Besides the membership fee, there are no other fees or deductions.”

“South Africa has one of the lowest savings rates in the world: for the vast majority of South Africans, accessing investment opportunities is expensive and difficult,” Brennan said in a statement. “This is something

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