A July 2024 online survey, conducted by African Response via MzansiVoice, highlights the continued popularity of stokvels and savings groups as a savings vehicle. The survey also reveals a growing trend among younger generations seeking guidance from banks and financial advisors to manage their group's financial matters.
However, a significant number of these groups still operate outside the formal banking sector, relying on personal accounts or even 'saving under the mattress'. This presents a challenge and an opportunity for financial services providers to develop innovative solutions catering to the specific needs of this market segment, particularly women who often spearhead these groups.
African Response is committed to partnering with organisations to uncover valuable insights and bridge the gap between traditional financial services and the dynamic world of stokvels and savings groups, especially during Women's Month. Contact us today to discover how we can help you better serve this crucial market segment and empower women savers across South Africa.
