True. Stokvels are generally excluded from the operation of the Banks Act 94 of 1990 in South Africa. They are typically considered informal savings or investment groups rather than formal banking institutions, and therefore do not fall under the same regulatory framework. However, it's important to consult legal experts or specific legal resources for detailed and current information on this topic.
Stokvels are excluded from the operation of the Banks Act 94 of 1990.
True
False
1 answer