Stokvels’ success rests on relationships
DID you know the National Stokvel Association of South Africa (Nasasa) estimates that more than 11 million South Africans are members of a stokvel?
In case you didn’t know, that’s around 40% of the adult population – which makes stokvels a primary source of savings in a country with a poor savings culture.
South Africa’s stokvel industry is worth R45 billion and it continues to grow, but economic uncertainty has turned managing stokvels into a daunting task.
As a group savings platform, a stokvel’s success demands a mental shift into human understanding and relationship management to properly succeed.
A shift in mindset and relationship strategies can alleviate the pressures associated with stokvels and pave the way to success.
Relationships and support systems have the power to transform stokvel management stress into peace of mind and prosperity – it just needs to be nurtured in the right ways.
Build strong relationships within stokvels
Central to the success of any stokvel is the strength of the relationships among its members. Open and honest communication, mutual respect for boundaries, and a foundation of trust are the cornerstones of harmonious stokvel dynamics.
Regular meetings provide opportunities for members to voice concerns, share ideas, and celebrate achievements, fostering a sense of unity.
Understand and address member concerns
Financial education is often a significant concern for stokvel members, many of whom may lack the necessary knowledge to make informed financial decisions. Access to financial advisers and financial literacy resources can empower members to navigate financial challenges and mitigate risks.
The prospect of member deaths raises legitimate concerns in a group that’s working towards a common financial goal. Quick claims pay-outs and clear processes for beneficiaries can ease the burden on grieving families and ensure continuity within the group.
Empowering communities for the future
Through collective action and mutual support, stokvel members can navigate the challenges of today’s economic landscape and build a brighter future for them and their families.
At the end of the day, it is a financial agreement, and relationship management and compassionate understanding play a key role in stokvel success.