Tapping into the power of stokvels to unlock Africa’s financial potential
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GUEST - Nozizwe Vundla, Head of Sanlam Foundation.
In the rapidly evolving African finance landscape, stokvels remain a powerful yet often overlooked force capable of driving financial inclusion and economic empowerment in Africa. For example, a 2024 Ipsos market study reveals that South Africa’s stokvel sector alone is worth R50 billion, comprising over 800 000 groups and 11 million members.
However, most of these savings societies still operate informally. There’s the potential for financial organisations to empower these traditional structures to evolve by bridging the gap between informal savings practices and formal financial systems to unlock new avenues for wealth creation and economic development.
In the rapidly evolving African finance landscape, stokvels remain a powerful yet often overlooked force capable of driving financial inclusion and economic empowerment in Africa. For example, a 2024 Ipsos market study reveals that South Africa’s stokvel sector alone is worth R50 billion, comprising over 800 000 groups and 11 million members.
However, most of these savings societies still operate informally. There’s the potential for financial organisations to empower these traditional structures to evolve by bridging the gap between informal savings practices and formal financial systems to unlock new avenues for wealth creation and economic development.