Absa Launches Inaugural Absa Stokvel Awards to Celebrate the Prestigious Tradition of Money-Saving Circles in South Africa

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In celebration of South Africa’s group savings
tradition, Absa is proud to announce the launch of its inaugural Absa Stokvel Awards, a
vibrant occasion designed to honour the prestige of money-saving circles, known locally as
stokvels, that form part of the mainstay of South African communities. These are the first
ever stokvel awards in South Africa, and this is the first time that the successes of these
unconventional money-saving circles are recognised by one of the largest financial
institutions in the country.
“Stokvels are more than just savings groups; they are a cherished tradition, a lifestyle of
collective empowerment, and a testament to the spirit of Ubuntu. These group savings
circles bring together friends, families, and neighbours, fostering financial inclusion,
disciplined saving habits, mutual support, and community development to support social and
economic development across the nation,” says Tawanda Rumhuma, Executive: Savings &
Investments at Absa Everyday Banking.
According to an online and video-based study by market research specialists at Ipsos, 11-
million members* of approximately 800 000 Stokvel groups across the country have been
able to save over R50 billion over the years. Through the Absa Stokvel Awards, Absa aims
to shine a spotlight on these grassroots financial heroes and the extraordinary impact they
have on members and communities, and most importantly, the economy.
There is a wide range of stokvel members’ stories and personal experiences, and as a proud
banker of stokvels, Absa aims to address the needs and aspirations of different stokvel
market segments, from young people, professionals to entrepreneurs and even retirees. “By
emphasising that each stokvel member's story matters, we are demonstrating our support
for South Africa’s group savings story which is the lifeline of the economy at large while
highlighting our commitment to understanding individual customer journeys and providing
tailored financial solutions for group savings such as stokvels,” says Rumhuma.
A Story of Togetherness
Stokvel members pool their resources together, supporting one another’s dreams, and
investing in a shared future. From birthdays to educational funds, stokvels are there, from
saving goals to investing goals, stokvels are also there, making life’s milestones more
achievable and celebrations more joyous, while also carrying members through life’s
hardships such as unforeseen circumstances and community support – this is the true
essence of stokvels and what they mean to South Africans.
Celebrating Excellence: Award Categories
The Absa Stokvel Awards will recognise outstanding achievements across various
categories, each celebrating a unique facet of the stokvel lifestyle:
1. Best Community Impact Award – recognising a stokvel that has made a significant
positive impact on the community through social projects, donations, or support
initiatives.

2. Most Innovative Investment Stokvel – recognising a stokvel that has successfully
ventured into investments and/or successfully ventured into innovation-related
initiatives.
3. Best Stokvel in Financial Literacy and Leadership – recognising a stokvel that
provides financial education to their members and have good governance and
transparency in its leadership.
4. Best Travel Club Award – recognising a stokvel that has increased the accessibility
of travel and tourism.
5. Best Stokvel Enablers – recognising an organisation, business or individual who
amplify or develop and impact the stokvel community positively.
6. Best Digitally Empowered Stokvel – recognising a stokvel that effectively uses
technology for its operations and to better engage and benefit its members.
7. Most Unique Stokvel Award – recognising a stokvel that is demonstrating new
ways and saving or investing for unique impactful goals.
8. Lifetime Stokvel Achiever Award – recognising a stokvel that has lasted for many
years, while showing improvement and sustainability.
9. Stokvel of the Year – recognising a stokvel that has best demonstrated overall
success in the year.
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Join the Celebrations: Enter and Share Your Story
The beauty of the Absa Stokvel Awards lies in its inclusivity to inspire and make a difference.
Absa invites everyone (Absa banked and non-Absa banked) to enter or nominate their or
another stokvel for the awards. A distinguished panel of judges, including financial experts,
community leaders, and Absa representatives, will select the winners based on (but not
limited to) minimum criteria, community impact, innovation, and sustainability.
Through these awards, Absa aims to positively impact stokvel members’ lives and
communities by prioritising the unique needs and aspirations of these stokvels, subsequently
reinforcing the bank’s role as a responsible and caring corporate citizen.
This initiative demonstrates Absa’s value for empathy and dedication to supporting its clients
through various life stages and financial situations. Entries and nominations are now open
and close on 30 September 2024.

A Night to Remember: The Award Ceremony
The winners will be celebrated in a grand awards ceremony hosted in Johannesburg, on 30
November 2024. The event will be filled with inspiration and recognition, showcasing the
spirit of collective saving, through shared success stories of stokvels. Beyond trophies,
winners will receive their share of R1 million, to propel their success even further.
“We are looking forward to celebrating the remarkable achievements of our Absa Stokvel
Awards winners, whose dedication and innovation in group savings exemplify the power of
community and collective effort. By sharing their inspiring stories, we hope to encourage
more South Africans to embrace this beautiful tradition,” adds Rumhuma.

Stokvels are not just about saving money; they are about building dreams, fostering unity,
and creating a better future for all. Let these stories inspire us to come together, support one
another, and achieve greatness as a community.
For more details on the Absa Stokvel Awards and participation, please visit Absa’s website
www.absa.co.za/stokvelawards