11 million South Africans annually save R44 billion in 820 000 stokvels
More than 11 million South Africans annually save R44 billion in 820 000 stokvels, according to Sisandile Cikido, Head of Retail Investments at Nedbank.
Gauteng has the most active stokvels followed closely by Limpopo.
Along with North West and KwaZulu Natal; these four provinces make up 70% of stokvels in the country.
About 57% of stokvel members are women.
Although 41% of stokvels are banked, only 5% are focussed on investment savings, reflecting the fact that South Africa has the lowest rate of saving among G20 countries.
Listen to the interview in the audio below.
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Association of Meat Importers and Exporters CEO Paul Matthew says there are mechanisms to deal with a possibility of dumpingRead More
DPE acting director-general Kgathatso Tlhakudi says there is hope ahead of talks with Numsa, Sacca and pilots association.Read More
Only freelance, contract or permanently employed journalists who have been retrenched or had their contracts cancelled since the implementation of the national lockdown will be eligible to apply.Read More
CEO says Stuart Forrest says Ireland is where the animation industry is booming and they have been doing a lot of work there.Read More
Chris Steward, portfolio manager at Ninety One, says the PMI number in particular is looking a little better.Read More
Real Foods CEO Dean Kowarski says they have seen a lot of opportunities since the relaxation of regulations.Read More
Financial Mail editor Rob Rose says it seems like the JSE felt like it had to do something and made this token sanction.Read More
Using profit to solve health issues does not work in a pandemic, perhaps at all.Read More
Meet Alex Thomson of Naked Insurance, a high-tech company with vastly lower operating costs than most traditional insurers.Read More
"We’ve decided to step it up," says Lynx. "With Lynx Marmite, we’re bringing the world of food into the fragrance category." LOL!Read More