Stokvel summit aims to boost youth involvement in sector

THE annual Stokvel Leaders Conference 2.0 has brought a new perspective on stokvels, sharing insights and ideas on how to manage and grow stokvels more effectively.

While stokvels are widely associated with the older generation, the conference has debunked that narrative, further showcasing what young people can do.

This two-day event at Melrose Estate was attended by stokvel leaders, crowdfunding organisations, administrators, and treasurers, with some of locally-renowned business owners serving as keynote speakers.

Patrick Palmi, group CEO of Just Palm Media Group, spoke with The Star about the event’s importance.

“Essentially, the conference is about telling a different narrative about stokvels because, for the longest amount of time, I think media in general or even the minds of people stokvel has always been portrayed as only for the bottom of the pyramid, people who are far out of town. Stats have come out that it is younger people, and young people do not have the same needs as the older generation has.

“So this conference is about bringing about a new narrative change and also showcasing what young people are hungry for. And the question is, what are they hungry for? They are hungry for growth. I think people are gearing up to grow the economy as opposed to just keeping their money in their mattresses. And these people want to be exposed to opportunities, which is why we have these conferences where they can learn,” said Palmi.

TT Mbha, CEO of Mzansi Crib, who is also a co-founder of the conference, further spoke about his hopes for the summit.

“It is designed to bring together like-minded people, people who are used to coming together as a unit to achieve different objectives. We thought that there’s no way you could have an industry valued at R45 billion and more and not have significant participation, from the private sector point of view, the government point of view, and so forth,” he said.

“So putting together a conference like this really brings everyone together to say you have the power in the numbers. And I think the more we can work with each other and talk to one another about what we are doing, the more we can grow the space. The word stokvel is known across the world, but it is known to be associated with old people. Young people do not even know what the word means; they call it crowdfunding, but at the end of the day, it’s about getting people together for a common cause.

“What I am hoping that people learn from this conference is to realise the value of being part of a stokvel, so if you came here and you were not part of a stokvel, you’ll be encouraged to join one after. And obviously, if you don’t join, start one. But a stokvel does not need a hundred people; it just needs three people. If three people can start a stokvel, then that means you can start a stokvel,” he explained.

Mbha said they are trying to convince South Africans to understand the importance of coming together and saving for a common goal. Whether that goal is travelling or tuition.