Two Cape Town students have earned international acclaim for developing a stokvel cellphone app.
Created by Nokwethu Khojane and Lauren Drake, from UCT's Graduate School of Business, Lakheni helps people to save money by "shopping together".
The app uses aggregation methods to maximise the power of communities by allowing them to buy in bulk and giving them access to discounted foods.
Creches will act as the apps marketing arm, and will earn commission on sales.
Lakheni is a finalist in the Global Social Venture Competition to be held in San Francisco next week.
Lakheni initially looked to target low-income earners after finding that they buy close to 90% of the same food items every month.
The pair are among 18 teams, from 600 who entered, who will compete for the R300000 grand prize.
Khojane and Drake are the third team in as many years from the Graduate School of Business to represent SA at the competition.