Reitumetse Makwea
Digital Intern
2 minute read
9 Sep 2021
8:10 am

Elderly woman buys house with cash from stokvel

Reitumetse Makwea

In the #WomenReadyToLead webinar with Prof Thuli Madonsela, Booi said the stokvel moved from just buying December groceries to loaning each other money for rainy days and opening businesses.

Stockvels have become the main source of income for many. Picture: iStock

As the country’s unemployment rate reaches an all-time high, stokvels have become a key financial vehicle that many rely on for sustainable income. According to the National Stokvel Association of South Africa (Nasasa), there are roughly 810,000 active stokvel groups consisting of more than 11 million South Africans, that collect an estimated R50 billion annually. At least 40% of the country’s adult population are members. Thandiwe Booi, who has been running the Umgalelo stokvel for more than 60 years, said this was their way of reclaiming a self-reliance mindset and creating financial freedom for the black community. In the #WomenReadyToLead...