Customers saved over R131 million in withdrawal fees
11 April 2024: Stokvels continue to show tenacity and commitment in promoting a savings culture in South Africa despite the tough economic environment, this is shown by the 15% increase in net deposits, surpassing the R9.6-billion mark in total member contributions over the past year.
Himal Parbhoo, CEO of FNB Retail Cash Investments says, “the strong growth is a testament to the Stokvel members’ financial discipline despite the difficult economic environment. Being a member of a Stokvel is one of the most popular ways for South Africans to develop a savings culture. However, the challenge has always been in ensuring that the stokvel savings are managed efficiently while yielding the desired outcome to meet the stokvel groups’ goals.
