Stokvels are predominantly started by women. These women do not only use Stokvels as a mechanism to save money for groceries at the end of the year, or as a burial scheme or even just to save. For these women, Stokvels are a way of life, they encourage the discipline to save money and stretch the little money they have, to cover as many expenses as they can.
A Tool To Fight Poverty
With an estimated market value of R44 billion a year, Stokvels are really a powerful tool which can be used by its members to uplift themselves, fight poverty and eliminate any element of dependency for them to succeed in life.
Most women use stokvels as an empowerment tool for themselves and their families. They buy houses, buy cars, pay university fees for their children and invest in growing their small businesses.
The reality is that most of the Stokvel women represent all sectors from self-employed, unemployed, middle and even low income earners. Every single month they make sure that, they do not miss their monthly Stokvel contributions or the meetings because they have committed themselves to their Stokvel. Commitment is the key word in a typical stokvel woman’s life.
Empowering our Stokvel Women
Sadly, not much has been done to really assist these women and empower them with tools to help them create wealth for themselves and their families. But they have done it their way, in any way.
According to the survey we (Stokvel Academy) conducted, most Stokvel members have indicated that they would like to receive budgeting, business opportunities and investing information, little has been done by big cooperate to really assist in this regard.
Stokvels can be used as an investment vehicle. Financial literacy and long-term saving habits can be nurtured and developed through stokvel women training.
Stokvel Women and the Community
“Stokvels for most women provide a safety net. As sense of community, belonging and an educational platform. It is more than just a way to save money. It is about the exciting social interactions every month. A catch-up session, a platform to share parenting tips and advice and mostly a home away from home”, says Busi Skenjana.
I strongly believe that our government, banking sector and other corporate companies, need to do more to assist and empower our Stokvel women, says Busi.
It is high time we take our Stokvel women seriously and appreciate their contribution to the South Africa economy, says Busi.