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“This offers a bigger return than the SOUTH AFRICA’S STOKVELS BY THE NUMBERS
bank would have paid.”
Old Mutual’s 11th Savings and stokvels remain a popular informal
Nkgadima agrees that many stokvels Investment Monitor, released in savings vehicle, with 59% of black
are increasingly offering rotating July this year, offers interesting households contributing to at least
microloans, a quicker way of lending insights into the size and one stokvel per month. Higher
money which requires the entrepreneur prevalence of stokvels in South income earners often contribute
to jump through fewer hoops than Africa’s saving culture. It reveals to several stokvels, and around
required by big banks. “We know that that 88% of informal savers are 70% of individuals earning over
employment can be created through black South Africans who save R40 000 a month use these
entrepreneurship, and the seed capital across a variety of these schemes: informal savings vehicles on a
is in stokvels,” she says. “And because stokvels (59% vs 58% in 2015), regular basis. She adds that lower
[the other stokvel members] trust me, burial societies (34% vs 31%) and income groups are also using
I will pay it back.” grocery schemes (18% vs 15%). stokvels extensively, possibly both
as a savings vehicle and as a
Maluleka reiterates that it is this According to Lynette Nicholson, personal loan provider.
aspect of the stokvel concept – Research Manager at Old Mutual,
the intimate and trusted personal
relationships – that is the key for any
brand looking to tap into this informal
market. Maluleka says: “Brands that
have a genuine interest in stokvels
can crack it. Be less commercially
orientated and more orientated
towards mutual understanding. Give
the members a sense that you are
interested in empowering their lifestyle
through your services or product
offering. Communicate with them,
don’t communicate to them.”
BRANDS GETTING wholesale stokvel days and advertising Strategic Marketing
INVOLVED in Sonke, Nasasa’s official magazine Magazine
distributed to 50 000 stokvel members. @strategicmarketing-
Just recently, Royal Baking Powder The team also held a national roadshow magazine
teamed up with Nasasa to gain insight during which stokvel members were
and exposure to the stokvel sector. invited to help the team bake hundreds Cara Bouwer worked
Discussing the collaboration, Nasasa of cupcakes for the local community. at Business Day
Account Manager Alexis Rantloane newspaper and as
explains that this “provided a valuable But stokvels are about more than business editor at
platform from where the brand could just community saving and belonging, Destiny magazine
reach stokvel participants and engage they also have enormous bottom-line before striking out
with them – not only to spread the potential. As Rantloane noted: “One on her own in 2009.
message about baking, but also give Makro outlet reports making around R60- Bouwer undertakes
something back to the communities”. million annually from stokvel purchases various freelance commissions and editing
alone, with 20 to 30 women utilising projects for major corporate clients.
With the help of Nasasa, Royal their collective bargaining power to get
Baking Powder embarked on a multi- discounts and buy in bulk, spending up
pronged approach that saw the brand to R100 000 in one transaction.”
team engaging with the stokvels at
monthly Indabas, doing demonstrations That’s surely buying power and
at stokvel meetings, running customer demand worth tapping into.
competitions, getting involved in
October 2016 – January 2017 strategicmarketing 41
