With over 11.5 million members, stokvels play a vital role in promoting savings culture and providing economic support to cope with rising prices, particularly for women and single-income households. However, rising inflation and fluctuating interest rates pose challenges for stokvels seeking to maximize their funds. FNB is running initiatives that cater to stokvels, noting a surge in stokvel net deposits, with savings surpassing R8.3 billion. FNB’s digital stokvel account, offering benefits like no monthly fees and double funeral cover for accidental deaths, underscores the bank’s commitment to group savings. Additionally, FNB facilitates investments across different asset classes and provides financial advice, synchronizing with stokvel members’ long-term investment goals.
