Today's Big Stories

Stokvels' popularity lies in their 'human experience'

South Africa's historical and popular group financial schemes called stokvels rake in an average of R45 Billion a year, according to reports.

Andile Mazwai, Chief Executive of the National Stokvels Association of South Africa spoke to 702's Stephen Grootes about what makes stokvels so popular.

They are popular because they're fun. The social element of it is very important. People coming together as a group of friends, putting their money together in a pot for a common purpose is a human experience.

Andile Mazwai, Chief Executive of the National Stokvels Association of South Africa

The reason they are so big (and remain big) in South Africa is because a large percentage of the population was excluded from formal economy. People ended up using stokvels as a financial mechanism to save and borrow.

Andile Mazwai, Chief Executive of the National Stokvels Association of South Africa

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