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stokvel

noun
  1. Southern African an informal savings pool or syndicate, usually among Black people, in which funds are contributed in rotation, allowing participants lump sums for family needs (esp funerals)
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Word Origin

C20: of uncertain origin
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012