The idea
It started, as most things in the diaspora do, with a WhatsApp group. Twenty of us — friends, cousins, former classmates — scattered across Johannesburg, London, Lagos, and Nairobi. We'd been talking about buying property in South Africa for years. But individually, none of us could save fast enough.
"Separately we were each saving R3,000 a month and getting nowhere. Together we were putting away $2,400 a month in USD. The compound effect was transformational."
— Sipho N., Ubuntu Circle Treasurer, London
The idea was simple: what if we pooled our savings in USD — protected from rand depreciation — and converted to local currency only when we were ready to make a deposit?
How we structured it
We used CitizenWealth's savings club feature to formalise what had previously been informal and trust-based.
Contribution rules
Every member contributed $120 per month (the equivalent of roughly R2,200 at the time). Members in London contributed in GBP. Members in Lagos contributed in USD. The club held everything in a shared USD pot.
Governance
The club had three administrators: a treasurer in London, a secretary in Joburg, and a chair in Lagos. All payouts required 2-of-3 approval through the app. Every transaction was logged and visible to all members.
Timeline
We committed to 18 months. No withdrawals before month 12 except for emergencies (voted on by the group). The target was $48,000 — enough for a deposit on a small property in Johannesburg.
The numbers
Here's what happened over the 18 months:
By holding in USD instead of rand, the group gained an additional R132,000 — purely from avoiding depreciation. Combined with interest and late-joining members, we reached our R1.2 million deposit target.
What we learned
Start your own savings club.
Pool funds across borders with built-in governance, multi-currency holding, and transparent tracking.