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Mamapudi Nkgadima, MD of African Stokvel, which trades as [as a brand] can get, but what role I
African Response, did speak to the Stokvel SA, explains that rather than can play in education, empowerment
IMM Journal of Strategic Marketing the traditional savings group with a and hand-holding.”
and is ‘passionate’ about stokvels small number of members, Stokvel SA’s
and their potential to transform South membership now sits at about 5 000. In this respect, she references one
Africa. She has also been instrumental woman running a grocery stokvel
in demystifying the sector for big Ntshweza notes that, unlike with 800 members. They raise R2,8-
brands, having recently presented at traditional stokvels, Stokvel SA doesn’t million per annum for groceries. You
a ‘Marketing strategies for low-income hold meetings. “People register can’t spend all that on groceries, she
consumers’ seminar in Umhlanga Rocks. online to be a member because the observes, but it could be an opportunity
Her topic was the evolution of stokvels, site is national,” she says. Becoming for a brand to step up and help this
which she reinforced by opening up a member is easy: you fill in the stokvel grow by offering guidance and
the floor to stokvel members to share online form and contribute R500 or sharing know-how. >>
their experiences. more. Stokvel SA puts “part of your
contributions in a group to rotate and
“The essence of most stokvels is invests the rest to get interest. Through
trust,” Nkgadima explains. “If trust is this system you earn an income of up to
what pulls stokvels together, then how 2% profit per day for 90 days.”
can you – as an outsider – engage with
a stokvel?” While the stokvel concept is adopting
modern technology to grow in scale,
Nkgadima knows brands are eager it still relies heavily on word-of-mouth
to tap into the vast stokvel market, marketing, explains Ntshweza. “Any
but observes that “what is missing is active member can market and is
the understanding that stokvels are
community driven, not individualistic. ?
Brands need a deeper understanding Sharing knowledge
of stokvels. They need to get closer is the most powerful
to [them].” engagement tool
Fleshing out the picture of how rewarded with a 5% one-off commission
stokvels operate and evolve, Khanyiswa [on the size of the referral deposits].
Ntshweza, Director of Marketing and Those who wish to work on network
Communications at Isizwe Traditional marketing can also open a branch,
where they are given training on our
product and services.”
From an internal marketing
perspective, Stokvel SA is itself involved
in retail as it sells products with the
aim of sharing the profit amongst the
membership, Ntshweza says.
African Response’s Nkgadima’s
believes that marketers looking to tap
into stokvels should follow a carefully
thought-out approach. “If business took
time to get close then they would be
able to see opportunities to engage.
It shouldn’t be about how much I
October 2016 – January 2017 strategicmarketing 39
