Digitising SA’s R50bn stokvel economy is a national imperative

Digitising SA’s R50bn stokvel economy is a national imperative

Every month across South Africa, millions of citizens gather in homes, community halls and places of worship to take part in the storied savings activity known as stokvel. By Himal Parbhoo, CEO of FNB Cash Investments Individually, these clubs may not account for massive sums of money but together the nearly 800 000 of them, representing some 11-million members, turnover an estimated R50-billion annually to form one of the most resilient and dis…