CONSTITUTION OF THE VUMA COLLECTIVE

1.1. The name of the association is The Vuma Collective (hereafter referred to as "the Collective").

1.2. The Collective is a voluntary, member-based association established as a Digital Stokvel under the National Association of Stokvels of South Africa (NASASA) guidelines and General Notice 404 of the Banks Act.

2.1. The primary purpose of the Collective is to provide a secure, digital platform for domestic and informal workers ("Members") to protect their purchasing power and build long-term wealth.

2.2. The Collective facilitates two distinct funds:

• The Target Fund: Member-owned savings for short-to-medium-term goals.
• The Legacy Fund: Employer-contributed service bonuses for long-term wealth.

3.1. Membership is open to any individual working in the domestic or informal sector in South Africa.

3.2. Vuma Pay acts as the Administrative Body, responsible for the digital infrastructure, record-keeping, and security of the funds.

3.3. The Collective does not offer credit or loans. It is a savings-first association.

4.1. To ensure transparency and 24/7 liquidity, all Rand (ZAR) contributions are held 1:1 in ZARP (South African Rand-pegged digital assets).

4.2. Every Member has a dedicated Digital Vault. The balance shown on the Member's dashboard represents their proportional share of the Collective's total reserve.

4.3. Proof of Reserve: The Collective maintains a 100% reserve policy. For every R1 shown in a Member's vault, R1 must exist in the digital reserve.

5.1. Voluntary Nature: All contributions to the Target Fund are voluntary. There are no fixed monthly penalties for missed savings.

5.2. Methods: Contributions are made via integrated secure payment gateways (e.g., Ozow).

5.3. Withdrawals: Members may liquidate their Target Funds at any time. Funds are paid out in ZAR to the Member's verified South African bank account.

5.4. Vesting (Legacy Fund): Legacy Fund contributions are subject to a vesting period as agreed upon between the Employer and the Member to encourage long-term tenure.

6.1. In the event of the Collective's dissolution, all assets held in the Digital Vaults shall be liquidated and returned to the Members according to their recorded balances.