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.

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