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Big banks target SA's informal stokvel's cash

The country's big four potentially only capture R12bn of the R50bn stokvel market currently

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Banks target informal saving clubs' cash

Thandi Mkhabela’s money used to slip through her fingers.
Now the 34-year-old mother of four earns interest on monthly savings, has paid off debts and is planning to extend her house in a township just outside Johannesburg, without ever dealing with a bank.
Mkhabela’s improved financial footing came after she formed a savings club in June last year with 16 other women. Each of them contribute 100 to 500 rand (US$6.68 to US$33.42) a month, and the club, known as a stokvel, offers three-month loans to members at rate of 10 percent per month. At the end of the year they split

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'I am going to build my house, I want a big one': Big banks target stokvel saving clubs' cash

Thandi Mkhabela's money used to slip through her fingers. Now the 34-year-old mother of four earns interest on monthly savings, has paid off debts and is planning to extend her house, without ever dealing with a bank.

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Major banks look at ways to formalise stokvel market

South Africa's major banks have for years wanted to bring stokvels into the country's mainstream banking system.

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SA banks battle tradition in push to get more stokvel action

Lenders are thought to have access to less than a quarter of a R50bn market, but some stokvel members point to the additional costs and lack of flexibility of a bank account

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Big banks target South Africa's informal saving clubs' cash | NewsTalk 610 AM & 103.9 FM

By Emma Rumney JOHANNESBURG (Reuters) - Thandi Mkhabela's money used to slip through her fingers. Now the 34-year-old mother of four earns interest on...

China , Mexico , South-africa , Kenya , Malawi , Johannesburg , Gauteng , Emma-rumney , Raj-makanjee , Jane-merriman , Andrew-lukhele , Motlatsi-mkalala

Big banks target South Africa's informal saving clubs' cash

Thandi Mkhabela's money used to slip through her fingers.

China , Mexico , South-africa , Kenya , Malawi , Johannesburg , Gauteng , Raj-makanjee , Jane-merriman , Andrew-lukhele , Motlatsi-mkalala , Thandi-mkhabela

Big banks target South Africa's informal saving clubs' cash | WSAU News/Talk 550 AM · 99.9 FM

By Emma Rumney JOHANNESBURG (Reuters) - Thandi Mkhabela's money used to slip through her fingers. Now the 34-year-old mother of four earns interest on...

China , Mexico , South-africa , Kenya , Malawi , Johannesburg , Gauteng , Emma-rumney , Raj-makanjee , Jane-merriman , Andrew-lukhele , Motlatsi-mkalala

Major SA banks launching new products in attempt to lure lucrative stokvel market

South Africa's major banks have for years wanted to bring stokvels into the country's mainstream banking system.

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Big banks target South Africa's informal saving clubs' cash | One America News Network

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