Get the latest insight and trends around stokvels and explore the opportunities for brands and businesses to tap into this growing market.
Stokvels, also known as the “hidden economy”, continue to be on the rise and are big business. According to research company African Response there are about 8.6 million individuals who belong to more than 421,000 stokvels in South Africa, with a collective value of around R25 billion.
However, despite its huge spending power, most marketers and businesses are still not responding to, or understand this informal banking and business sector.
Stokvels are an age-old, traditional mechanism used by many South Africans to collectively save, socialise and connect in the short and long term. They are of great value and benefit to members and their families and have become an important means of fighting poverty in poor communities. Some of these stokvels have also grown into sophisticated businesses.
It’s time for marketers to recognise the importance of stokvels and appreciate that they are actually very dynamic and efficient organisations, even though members may not have the education or resources to back up their ideas and drive their stokvels forward. This is where marketers and businesses can play a proactive and vital role in its future by supporting and adding real value.
The opportunity is massive - do you want to play a part in this growing market?
KR has invited subject matter experts to join the seminar on how to ‘Engage and Grow with Stokvels’, taking place in Cape Town (6 September) andJohannesburg (13 September).
*Added value – Meet and engage with real stokvel members* We have also invited a group of stokvel members to share their stories and answer your questions during an interactive panel discussion!
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