Supported ventures

Kasi Convocation

Kasi Convocation (Pty) Ltd

Brands: Kasi Convocation

Flagship product: Digital platform connecting stokvels for transparent engagement, transactions, and community support

Founding team: Joankie Makwakwa

Application: FinTech platform for stokvel discovery, group savings, financial literacy, and secure transactions

Sector/Industry: FinTech (Financial Technology)

Subsector: Group savings, community finance, digital wallets

Year founded and commenced operations: 2019 and 2024

Year partnered with TuksNovation: 2024

Email address: info@kasiconvocation.com

Website: kasiconvocation.com 

Description

KasiConvocation is a digital platform designed to address the challenges faced by stokvels in South African townships, such as a lack of centralized knowledge sharing, transparency, and community building.

The platform provides a secure and efficient space for stokvel members to connect, engage, and conduct transactions, fostering a seamless user experience through a user-friendly interface, secure payment gateway, and robust data management.

It aims to modernize the traditional stokvel experience, promoting financial inclusion and community empowerment.

Growth Objectives

Introduce a low-fidelity MVP to build a membership base and achieve product-market fit within 6 months. Scale the offering to a larger stokvel community through partnerships and onboard major retail chains within 8 months.

Expand services, improve operations, stabilize financials, and grow the user base exponentially through partnerships with cellular service providers and regulatory bodies within 10 months.

Differentiation/Value Proposition

Offers reward points for every deposit redeemable for airtime, data, or groceries. Provides opportunities for stokvels to monetize their content and connect with groups outside their local area.

Empowers members with comprehensive financial tools, educational resources on financial literacy and investments, and career guidance, setting it apart from traditional stokvel banks and competitors.

Business Stage/Phase

The venture is in the MVP completion and pre-commercialization phase:

  • TRL 6: Fully functional app and admin portal developed
  • FSP license application underway
  • Preparing for initial market launch and user acquisition

Investment Stage/Phase

KasiConvocation is seeking early-stage investment to support go-to-market execution:

  • Funding required for marketing, automation, and regulatory compliance
  • Engaged with TIA for incubation and advisory support
  • Exploring partnerships with banks, retailers, and stokvel associations

Investment Raised

KasiConvocation has raised funding from the following sources so far:

  • Seed Fund grant from the Technology Innovation Agency (TIA) – R300,000
  • Sponsored Advertising and Promotion on Algoa FM and the AlgoFM website valued at R256,700
  • No prior external equity or debt funding