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STOKVELS

Understanding
a massive and
informal group
of consumers

Although it often flies under the
radar of formal business, South
Africa’s stokvel sector has huge
membership and enormous
buying power. Perhaps savvy
marketers should be paying more
attention? Cara Bouwer reports.

UNDERESTIMATE STOKVELS invested by 8,6-million stokvel members It is free to all existing stokvels and
at your peril. These informal nationally – or 23% of the population hosts a monthly Indaba during which
savings clubs represent a – in an estimated 421 000 stokvels ideas are shared and investing
market of millions of people and boast across the country. However, the discussed. As such, the organisation
high levels of cash-in-hand spending National Stokvel Association of South is ideally positioned to explore the
power. Tinkering around the edges Africa (Nasasa) doubles these figures marketing avenues open to brands
won’t work if you want to tap into this in its estimates, projecting more than looking for exposure to the 110 000
audience; interested brands have to 800 000 stokvel groups with a collective stokvels registered with the body.
immerse themselves completely. value of R49-billion. Nasasa’s Chief Operating Officer, Mizi
Mtshali, chose not to be interviewed
BEE market research company African Nasasa is a self-regulating body for this article.
Response estimates there is R25-billion approved by the Registrar of Banks.

38 strategicmarketing October 2016 – January 2017