Stokvels enter banking era

» Digital accounts are turning tradition into transformation.

- Ina Opperman

Running a stokvel is no longer small business where you can keep the money every member contributes every month in a box in the top of your closet.

Banks have caught on to the needs of stokvels and are offering services that ensure financial inclusion for stokvel members.

Growing numbers of South Africans are discovering that saving money in groups can work better than trying to do it alone, according to FNB recent stokvel data.

Himal Parbhoo, CEO of FNB Retail Cash Investments, says more people are joining stokvels to make savings easier and safer.

FNB has seen total cash inflows into its FNB Stokvel Accounts growing to R13.3 billion by December 2024, up 66% from the R8 billion of December 2023.