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.

The Money Show’s Bruce Whitfield interviewed Cikido.

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:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
'I gave poor Comrades marathon runners trust-based loans for entry fees'

'I gave poor Comrades marathon runners trust-based loans for entry fees'

Only one runner didn't pay him back. Bruce Whitfield interviews Stuart Mann, a marathon runner and blogger at runningmann.co.za.

Want to get rich? Got R100? You don’t need millions to start

Want to get rich? Got R100? You don’t need millions to start

Bruce Whitfield interviews Anthea Gardner, author of "Make Your Money Work for You: Think Big, Start Small".

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).

Allowing more skilled foreigners into SA will make us all more prosperous

Allowing more skilled foreigners into SA will make us all more prosperous

In one bold move, South Africa can secure leadership on the Continent while fixing our skills shortage, says Pavlo Phitidis.

'Public Protector Busisiwe Mkhwebane is definitely a person of integrity'

'Public Protector Busisiwe Mkhwebane is definitely a person of integrity'

"She’s just been smeared by people who don’t want her to be in office for whatever reason," says her Head of Communications.

'We had a disdain for money. Material possessions counted for so little'

'We had a disdain for money. Material possessions counted for so little'

Justice Albie Sachs talks about his attitude to money (hopes and fears, successes and failures, etc.).

Popular articles
DA to decide if Herman Mashaba will serve his notice period or get cut loose

DA to decide if Herman Mashaba will serve his notice period or get cut loose

It's reported that some senior members of the Democratic Alliance want Mashaba's membership terminated with immediate effect.

'Audit found Mango and Comair planes were signed off by unqualified persons'

'Audit found Mango and Comair planes were signed off by unqualified persons'

The South African Civil Aviation Authority explains some of the findings of its maintenance audit at SAA Technical.

'I want to ensure my money delivers change to as many people as possible'

'I want to ensure my money delivers change to as many people as possible'

Black Business Council president Sandile Zungu on his attitude toward money (hopes and fears, successes and failures, etc.).

'Mbete faced difficult questions. She has done a lot in terms of responding'

'Mbete faced difficult questions. She has done a lot in terms of responding'

Xolani Xala (SA Business Abroad) defends his defence of ANC stalwart Baleka Mbete’s "car crash" interview on Al Jazeera.

[WATCH] Oprah roasts student about his cracked phone, then buys him a new one

[WATCH] Oprah roasts student about his cracked phone, then buys him a new one

Khabazela shares tweets and Facebook posts that have gone viral.

Why Vestact is buying Discovery (JSE), Long4Life (JSE) and Booking.com

Why Vestact is buying Discovery (JSE), Long4Life (JSE) and Booking.com

Portfolio Manager Byron Lotter shares his stock picks of the week with Bruce Whitfield on The Money Show.

Mashaba's exit shows serious racial divide within the DA - Prof Steven Friedman

Mashaba's exit shows serious racial divide within the DA - Prof Steven Friedman

Political studies expert Professor Steven Friedman gives his analysis of the recent developments within the Democratic Alliance

[WATCH] Toddler upset that mom didn't give him a goodbye kiss, is so adorable

[WATCH] Toddler upset that mom didn't give him a goodbye kiss, is so adorable

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Boy explaining what he heard when parents had sex goes viral

[WATCH] Boy explaining what he heard when parents had sex goes viral

Khabazela shares tweets and Facebook posts that have gone viral.