FNB reported a 15% increase in net deposits by its stokvel members, pushing its total member contributions of stokvel savings to over R9.6 billion during the past year. This growth was credited to members’ financial discipline in a challenging economy, emphasising Stokvels’ contribution to promoting a savings culture in South Africa. FNB noted that stokvels are evolving, with groups exploring various investments such as shares, unit trusts and ETFs to build wealth. Additionally, FNB continues to digitise its stokvel offering to help customers save on withdrawal fees and reduce risks associated with cash transactions.
