Stokvel deposits soar to R13.3bn, says FNB

FNB has reported a 66% surge in stokvel account deposits, reaching R13.3 billion by December last year, as more South Africans embrace collective saving through digital banking.

- Terri-Ann Brouwers

FNB has reported a 66% surge in stokvel account deposits, reaching R13.3 billion by December last year, as more South Africans embrace collective saving through digital banking. This is up from R8 billion a year earlier and reflects a broader shift in financial behaviour amid ongoing economic pressures.

"More people are joining stokvels to make savings easier," said Himal Parbhoo, CEO of FNB Retail Cash Investments.