Calling on government and financial institutions to partner with stokvels
By CEO of BSK Marketing and founder of Stokvel Academy Busisiwe Skenjana
Stokvels have been around for decades and their contribution to the South African economy cannot go unnoticed. The old age practice has been passed down from one generation to another and has evolved with time.
Gone are the days of just grocery and burial Stokvels. Today, we have investment clubs, holiday clubs, property Stokvels and even business funded through the Stokvel model.
The evolution of stokvels
As much as the stokvel practice has grown and evolved throughout the years, more still needs to be done to empower stokvels with knowledge to grow and create wealth for themselves.
According to a survey conducted by Stokvel Academy in June this year, Stokvels interviewed indicated that they would like to receive business and financial education.
As much as the South African government and financial industry is aware of the contribution Stokvels make to the economy, they really do not understand the needs of the South African Stokvel community.
Government and financial institutions need to up their game
In a separate interview by Stokvel Academy with some stokvel women, they all indicated that they do not believe that the South Africa government has the capability to assist in growing the Stokvel market.
When asked if they thought government needs to get involved in stokvels they all said they thought it was not a good idea for government to get involved. Unfortunately, due to rampant corruption in government most stokvels do not trust government as an empowering agent.
With regards to financial institutions, the stokvels believe that they are only taken seriously when the financial institutions want them to save their money with them and take up the different solutions “tailor made” for Stokvels.
We need more collaborations
It is high time the stokvel community takes a stand and challenge the South African government and financial intuitions to recognise their role in the mainstream economy.
As a stokvel member myself, I believe more needs to be done to empower and educate the stokvel community.
In few years’ time I would like to see more businesses funded through the stokvel model and my fellow stokvel members equipped with financial education to assist them to develop healthier financial habits.
We need more success stories from stokvels, on how the South African government and financial institutions have empowered them.
About Stokvel Academy
Stokvel Academy is a division of BSK Marketing - a below-the-line strategic agency with over 25 years’ marketing experience, focusing on stokvels throughout South Africa. We are passionate about stokvels as a marketing segment. Our unique strategic knowledge and understanding of stokvels in diverse areas allow us to identify opportunities and roll out value-creating campaigns for our clients.
About Busi Skenjana
CEO of BSK Marketing and founder of Stokvel Academy. Busisiwe Skenjana, is regarded by many in her circle as the go-to person, “expert”, thought leader and pioneer; marketing and a stokvel Guru.
You can read the stokvel survey here Survey