It’s no surprise that stokvels in 2025 are growing at an exponential rate. Traditionally, the grassroots money-saving groups grow in times of financial distress and institutional mistrust. Interestingly, however, inflow into stokvels in 2025 is occurring mostly at mainstream banks.
According to FNB, its stokvel accounts grew by a staggering 66% year-on-year, to more than R13 billion by December 2024 (versus R8 billion in 2023). As a result, South Africans are discovering that saving money in groups can be more effective than going alone.
FNB says the positive trend for stokvels in 2025 proves that people want a safe and easy means for saving what meagre income they have. More than a third of FNB’s account members are investing in stokvels in 2025.
STOKVELS IN 2025
Paradoxically, perhaps, for such a traditional, grassroots saving system, the rise in popularity of stokvels in 2025 is due to digitisation, asserts FNB. Specifically, the digital stokvel account – launched in 2020 as a response to the COVID-19 pandemic – allows members to manage, contribute and share savings with no fees.
In light of this growth, many stokvels in 2025 are starting to look at expanding their investment strategies into shares, unit trusts, and more. And while the majority of South Africans still function as a cash-first society, it is encouraging to witness the adoption of digital solutions.
Moreover, the National Stokvel Association finds that digital stokvel solutions are increasing. As technology develops to enable real-time payments, digital channels are increasingly displacing cash in lower-value transactions. Specifically, mobile banking apps are replacing older interfaces as preferred payment methods. Not only is this more convenient but it is also safer.
DIGITAL GROWTH
Even after it was revealed by the SA Reserve Bank (SARB) that more than 50% of South Africans draw their salaries immediately, Standard Bank says it has seen 20% growth in digital payments in the last year. “This increase doesn’t just reflect heightened consumer convenience, but it represents a fundamental shift in how South Africans handle their finances,” surmised the bank.
DO YOU BANK DIGITALLY OR PREFER CASH?
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