Stokvel
Loading...Creating mutual aid
Community buy-in
INVENTED IN SOUTH AFRICA
A Stokvel is a type of informal savings club or rotating credit association commonly found in South Africa. Members of a Stokvel regularly contribute a set amount of money to a common fund, which is then distributed to each member in turn. This system allows individuals to save collectively and access larger sums of money for significant expenses or investments. Stokvels also often serve as social and support networks, fostering a sense of community and mutual aid among members.
Those who might need access to larger amounts of money periodically for significant expenses like education, home improvements, or starting a business.
Those who may not have access to traditional banking or credit facilities and need an alternative means of saving and borrowing
People who prefer a disciplined approach to saving with the support of a group
Individuals who appreciate the social and mutual support aspects of pooling resources and sharing financial responsibilities with others.
People interested in learning about money management within a trusted community setting.