Informal organizations like stokvels, credit unions, and community savings clubs may operate similarly to mutual banks, which is why they are specifically excluded from the Mutual Banks Act. However, if the subscription fees of these informal organizations exceed R9.99 million, they are required to register as either an ordinary commercial bank or a mutual bank.
summarise:
Fourthly, one should take cognisance of the fact that the activities of some informal organisations, such as stokvels, credit unions and community savings clubs, may resemble the business of a mutual bank. It is for this very reason that the activities of these informal organisations are expressly excluded from the scope of the Mutual Banks Act. But there is a rider to this exclusion. If the subscription fees of the members of such an informal organisation exceed the prescribed limit of R9,99 million, it must register as an ordinary commercial bank or a mutual bank
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