why stokvels

A stokvel is defined as a group of people coming together to form a saving scheme that provides financial assistance as well as meeting members’ social and entertainment needs. There is a variety of names for stokvels, such as Lekgotla, Society, Mgalelwane and many more. The name selected depends on what part of the country you are in or what the objective of your stokvel is.

With 40% of the South African population belonging to a stokvel, membership boasts a myriad of personalities, ranging from your ordinary “Gogo” down the road, all the way to the CEO of a blue-chip company. Even though the majority of stokvel members are women, about 43% of the membership are men. Geographically, Gauteng has the highest percentage of stokvels, followed by Limpopo, KwaZulu-Natal and North West respectively. The four provinces comprise 70% of the membership of the stokvel market with its total estimated value of R44 billion a year. Stokvels pervade all levels of society and they are here to stay. There are countless opportunities for brands and businesses to engage and leverage this growing market. BSK Marketing offers you a variety of keys to do just that.