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"stokvel"

means a formal or informal rotating financial scheme with entertainment, social or economic functions, which—

(a) consists of two or more persons in a voluntary association, each of whom has pledged mutual support to the others towards the attainment of specific objectives;
(b) establishes a continuous pool of capital by raising funds by means of the subscriptions of the members;
(c) grants credit to and on behalf of members;
(d) provides for members to share in profits from, and to nominate management of, the scheme; and
(e) relies on self-imposed regulation to protect the interest of its members;