In 2005 TAG Employee Fund Administrators (then named Aloe Funds) started as a financial administration company focussing specifically on administrating what is commonly known as a Stokvel.
The founders of TAG saw that South African employers are often required to fill the gaps left by the formal financial industry, where a large component of the country’s workforce do not have access to short term credit facilities and have no choice other than turning to expensive, exploitative micro lenders or, alternatively, their employers. The country also struggles with a culture of saving, where employees live from paycheck to paycheck and are reliant on credit in months with bigger expenses.
As is often the case, problems experienced by South Africans usually have a uniquely South African Solutions and, as such, the TAG founders realized that a Stokvel operated as a Rotating Savings and Loan Scheme can solve the problem faced by both employers and employees. This was the birth of The Employee Fund.
The Employee Fund empowers employers to provide a platform to their employees to save together, loan money from each other and earn profit, while TAG administers the process to reduce workplace conflict.
Contact us today to start set up an appointment with your HR department and start an Employee Fund for your company.