Proudly supporting women-run, township based businesses.

WHAT WE DO

Boost informal businesses

Spoon Money provides a saving and credit solution for women-run, informal businesses.

Our aim is to support our clients to become MORE economically active, whether the business is registered or not, and in this way, build thriving communities.

WHY WE DO IT

Enabling financial resilience

Informal business owners, especially women, usually do not have collateral to access debt finance to sustain and grow their businesses. We are committed to their business growth journey, not only to become financially independent through improved livelihoods, but to build more stable households.

WHO WE SUPPORT

Who we do this for

Spoon Money has already supported a few thousand informal businesses.

Our clients typically earn an income from the following types of businesses :

Vendors selling clothing, fruit/veg, meat, snacks and cooked food either on-street, at taxi ranks or from home/online.
Home-based businesses such as crafts, sewing, baking and hair/nail salons.
Spaza or container-based business.
ECD Centres/Daycare Centres.
Network sales.

HOW THIS WORKS

How we do this?

Spoon Money uses stokvel principles, and the interplay between savings and credit to support our clients.

Join

Women running informal/micro businesses are encouraged to join as an individual OR you can join as a group of 5 business owners.

Save

Following typical stokvel rules, our clients need to commit to saving, and accumulate a saving balance with Spoon Money in order to access a business loan. Savings are invested with a reputable asset manager and clients earn investment returns.

Access a loan

Spoon Money supports client growth by offering working capital loans. These are generally short-term to start, with extended terms offered based on client history.

DON'T JUST TAKE OUR WORD FOR IT

Meet some of our clients

"Thanks to the Spoon loan, I was able to purchase a POS machine enabling customers to buy electricity and airtime. Previously, I could only afford to purchase one pack of each item, having to sell cigarettes individually before acquiring another pack. Now, I buy bulk orders of stock, including cigarettes and am able to make more money. "

Tumeka Nompukane Kokstad, KZN

"This will help my business to grow. This opportunity is so helpful. Thanks Spoon Money you are the best.."

Legobe DigamaHillbrow, Gauteng

"Before joining Spoon, I used to sell cigarettes only. Once I became a Spoon member, I was able to get a loan for stock to expand my business. I now not only sell cigarettes, but veggies and atchar. Spoon also helped me save and taught me the importance of saving."

Mmatsheko RamatsetseTshikanoshi Village, Limpopo

'Spoon money came to my rescue when I needed to upgrade my ECD centre with education resources.They gave me a loan which was not even difficult to pay back. Now my centre is running smoothly and I'm also confident when I recruit other clients since I have evidence of educational equipment.'

Kedibone NgwenyaKlipgat, North West

"Spoon offers good loans for entrepreneurs that help you expand your business. They also have low interest rates and the repayments are reasonable and affordable. I am now financially independent and can now support my family and sustain my business."

Research Participant

"It was difficult for me to buy stock for my business due to lack of money before I joined Spoon Money and now I am always able to buy stock for my business from the money that I receive from them"

Research Participant

What it could mean for you

of clients indicate a quality of life ‘very much improved’

of clients report feeling more financially stable because of Spoon Money

of clients report an increase in income because of Spoon Money

of clients report a decrease in stress due to business finances

An independent study conducted by 60_Decibels.

Supported by

“Spoon Money arrived with an idea which we thought had merit. The team has subsequently pivoted into an enterprise which we’re even more excited about. They’ve shown great tenacity and perseverance working in a segment known to be super-challenging”

StartupbootcampZach George

'We’re thrilled to welcome Spoon Money to our portfolio and particularly excited about their potential to impact underserved women in South Africa."

BFA Catalyst FundMaelis Carraro

"Spoon Money’s dedication to uplifting informal traders and creating sustainable employment for a marginalized community is a natural fit to the SAB Foundation’s purpose of empowering female entrepreneurs. We are excited to be a part of Spoon Money’s journey and believe they will grow as an enterprise and change the economic conditions of many"

SAB FoundationNtandokazi Nodada

“We loved the energy of the Spoon Money team, the fact that they are solving a sizeable problem in their communities and their data-driven approach to monitoring their progress”

AlphacodeDominique Collett

Frequently asked questions

Do I need a registered business?

No. Spoon Money supports registered and unregistered businesses. You will need to provide evidence of business activity as part of the application process.

I’m a guy earning an income from my informal business. Can I join?

Spoon Money has an overt gender bias which means we give preference to women-run businesses. However, with approximately 10% of our customers being male, we are very willing to onboard males into our community.

I work full-time and have a side-hustle. Can I still join?

Yes! Spoon Money celebrates hustlers and anyone earning an income from their own endeavours. We would love to help you build your side-hustle into something substantial.

I can't submit the application form

The most common problem in this instance is the strength of the network signal or insufficient memory on your phone. Ensure you have good signal and remove all unnecessary videos/pics on your phone which take up memory.

Is there a joining fee?

Spoon charges a once-off, non-refundable joining fee. This joining fee is used to check your identity details and other information required to enter into a financial relationship with you.

What happens to my savings?

Spoon Money Stokvel invests savings into two Allan Gray funds. We invest 50% of your investment into Allan Gray Money Market fund (emergency fund) and 50% into the Allan Gray Balanced Equity fund (for long-term wealth-creation). Every care is taken to preserve capital, but we remind clients there is some risk involved with investing. Investment returns accrue to you.

When can I get my investment

Clients can access their savings at any time if they are in good standing with Spoon Money. It usually takes 2/3 days for us to disinvest and deposit your funds into a nominated bank account. This is not a “policy” with a term limit; however we actively encourage clients to invest with a medium-to-long -term horizon in order to realise growth returns.

How do I send money to Spoon?

There are a few ways to send funds into Spoon.

Cash deposits can be made through retail till points (example at PnP, Shoprite, Checkers, USave, Boxer, Pep, Ackermans, as well as Flash/Kazang merchants) using a unique PayAt reference number you receive on application
EFT into Spoon Money bank account

Please note – payment should NEVER be made to an Agent. If funds are misplaced in this event, you remain liable for payment.

What size loan can I get?

The size of the loan, the term, and the cost of credit will be determined by the outcome of an assessment undertaken by Spoon Money.

Spoon Money is a micro lender, so the size of the loans is suitable for businesses turning over between R10,000 – R50,000 per month.

We generally offer 30-day loans in the first instance, with the opportunity for clients to graduate into longer term loans.

READY TO GROW YOUR BUSINESS?

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