Heritage with a business plan

>>> Stokvels 'evolve from community lifelines to SMEs accelerators'.

- Citizen reporter

Stokvels are the heart of South African communities where they help communities to save, improve their financial literacy and offer opportunities that people would otherwise not have.

Palesa Lengolo, product manager at Absa Personal and Private Banking and co-founder of the Absa Stokvel Awards, says over the past years, stokvels have grown to over 11 million adults managing R50 billion annually.

"These community-based resource pools are built on the African ideals of social cohesion, accessible financial support and interconnectedness," she says.

"Not only are stokvels rooted in South African heritage but can financially empower participants in more ways than one.