Stokvels are traditional savings schemes that bring together groups of people to pool their resources and support each other financially. In rural areas, these cooperatives are a lifeline for many women, who meet monthly to contribute funds
Each month, members gather to add a fixed amount to the communal pot. This money is then allocated to a member on a rotational basis or used to address urgent needs within the group. These funds are essential for household improvements, paying school fees, and handling emergencies.
The benefits of stokvels are significant. They provide financial support without the need for bank loans, foster a sense of community, and enhance financial literacy among participants. Women involved in stokvels often use the funds to make home repairs, buy essential items, or invest in small businesses.
Despite challenges such as maintaining contributions during tough times and ensuring trust among members, stokvels thrive on clear rules and transparency. Successful examples include food stokvels that reduce grocery costs, burial societies for funeral expenses, and investment groups aiming for income generation.
Stokvels empower rural women, proving that collective effort and mutual support can significantly improve the quality of life for individuals and their families.
