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Faizel Patel, Radio Islam News – 12-07-2018<\/em><\/strong><\/p>\n \u00a0<\/p>\n A former head of digital innovation at Discovery Health say a new smartphone app he has developed is the simplest and easiest way to invest in South Africa.\u00a0<\/span><\/p>\n Known as Franc, the new smartphone app was launched by Dr.Thomas Brennan to encourage stokvel members to save by investing in the money market.\u00a0<\/p>\n Franc has been billed as South Africa\u2019s lowest cost investment platform.\u00a0<\/p>\n Access to Franc is free for the first six months; thereafter the membership fee is R5 per month. But members can get another six months free for every friend they invite who becomes a member in the first free six months. Besides the membership fee, there are no other fees or deductions.<\/p>\n Speaking to Radio Islam, Brenan says he developed the app to making investments simpler.\u00a0<\/p>\n \u201cI just saw that a major opportunity in South Africa, given that South Africa actually has very low savings rates.\u201d\u00a0<\/p>\n Brenan says Franc is a digital stokvel.\u00a0<\/p>\n \u201cWe want to create a community and if people help Franc grow, they can effectively access very high performing funds at the lowest cost in the country.\u201d\u00a0<\/p>\n According to Brenan, with\u00a0Franc, FICA is painless.\u00a0All you need to do is provide your ID number, upload proof of ID and proof of your address, take a selfie and you\u2019re done.<\/p>\n Brenan says because Franc is a stokvel, you need to be invited to join. Sign up by going to\u00a0franc.app<\/a>\u00a0on your phone and Franc will match you with someone you know.<\/p>\n \u00a0<\/p>\n