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A Stokvel is a uniquely South African term which refers to a group saving scheme, stokvels are formed by a group of members and make regular contributions towards a particular purpose(s) such as providing financial assistance to its members and can even extend to bulk buying, burial assistance etc.

In 2007, a research by Old Mutual indicated that informal savings circulating outside the financial sector had grown to R33 billion over the last decade.

In 2011, a study conducted by African Response indicated:

  • R44 billion/ p.a.
  • A total of 811 830 Stokvels Nationally
  • 4 million members
  • Average Contribution of R210/p.m.
  • AMPS of 2011, found that 40% (19 million) of South Africa belong to a Stokvel.

Whilst Stokvels are regulated in terms of the Bank Act Exemption, they however, remain informal and continue to be self-regulated as approved by the Bank Act Exemption provision.

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