A few hundred rand saved every month might not seem like much, particularly when households are juggling competing financial demands. But maintaining those contributions month after month can make a meaningful difference when it comes to meeting important expenses or achieving longer-term financial goals.<\/p>\n
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For many South Africans, stokvels provide a practical way to build savings for everything from their children’s education and household expenses to emergencies and future ambitions. And while the financial benefits are important, Cebile Magongo, Strategic Business Developer at FNB Cash Investments, says the real strength of stokvels lies in how they help members stay committed to their savings goals.<\/p>\n
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“One of the biggest challenges people face when saving is maintaining the discipline to keep putting money aside, especially when there are so many demands on their income,” says Magongo. “Stokvels help address this by giving members a shared goal and a commitment to one another. What starts as a relatively small monthly contribution can become the money that helps a family manage school expenses, prepare for an emergency or take an important step towards a longer-term financial ambition.”<\/p>\n
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For Nana Vezi, a member of the Powerpuff Girls stokvel, that shared commitment helps take the financial pressure out of the beginning of each year, when she needs to cover university expenses for her children. “Other savings options are easy to dip into when life pressures you. In a stokvel, we hold each other accountable,” she explains. “Since we distribute our savings in January every year, I know that university registration and flights for my children at university are sorted. It takes away the January stress and lets me start my year very well.”<\/p>\n
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Vezi says the appeal goes beyond saving money. Being part of a group of women who encourage one another to stay committed to their financial goals also brings a sense of friendship and mutual support. “You save and have fun at the same time. The money grows and so does our trust,” she says.<\/p>\n
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The growing importance of collective saving is reflected in FNB’s financial results for the year ended 30 June 2026. Stokvel deposits increased by 31% to while the number of active stokvel accounts grew by 23%.<\/p>\n
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For Magongo, these figures reinforce the importance of ensuring that more people can access formal banking solutions that support the way they already choose to save. “Financial inclusion isn’t simply about having a bank account or making a savings product available,” she explains. “It’s about making sure people can actually use those services in ways that work for them. Stokvels have long helped communities save together, and we want to make it easier for those groups to access the banking tools they need to manage their money confidently, transparently and securely.”<\/p>\n
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One way FNB is achieving this is by removing some of the practical barriers that have historically made opening a stokvel account difficult. Previously, the three required signatories had to coordinate a visit to a branch. With FNB’s fully digital account-opening process, they can now complete the necessary steps independently through the FNB app or online banking, even when they live or work in different cities.<\/p>\n
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Already, 61% of FNB\u2019s stokvel customers use digital platform channels to open their accounts, with adoption evident across all age groups. This shows that the shift towards digital access is not limited to a particular generation but is helping make formal savings solutions more accessible to stokvel members at different life stages.<\/p>\n
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The benefits of digital stokvel access extend beyond easier account opening to the more efficient ongoing management of stokvel savings. Members can monitor balances, deposits and withdrawals through FNB’s digital banking channels, helping groups maintain visibility over their money and stay accountable to one another.<\/p>\n
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Magongo believes the combination of collective financial discipline and easier access to banking can help stokvels remain relevant to South Africans with different circumstances and financial ambitions.<\/p>\n
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“Technology isn’t changing the fundamental reason people join stokvels. They still want to achieve something meaningful together,” she concludes. “What it can change is how easily they get started and how confidently they are able to manage and grow their savings. Our aim is to help remove obstacles, so that more people can focus on their main objective, which is turning their regular contributions into financial progress that makes a difference in their lives.”<\/p>\n","protected":false},"excerpt":{"rendered":"
A few hundred rand saved every month might not seem like much, particularly when households<\/p>\n","protected":false},"author":1,"featured_media":1506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n