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Stokvels as Alternative Microfinance Institutions: Conversations with Women from Venda Image

Promoting Inclusive Markets and Financial Systems

Stokvels as Alternative Microfinance Institutions: Conversations with Women from Venda

Stokvels as Alternative Microfinance Institutions: Conversations with Women from Venda

Summary

This study identifies features of stokvels that make them successful, and examines reasons for their continued popularity in black communities even with people who have access to formal financial institutions. It also explores if there are gender preferences for stokvel groups.Women were questioned about their reason for participating in stokvels and factors that made the group successful. Findings include:

Stokvels are successful because they are driven by a purpose which is beyond money, they exist to assist members to improve their lives;
Trust and social capital are critical in ensuring success;
Members said that peer pressure forced them to save and they appreciated the relationships they were able to foster in the stokvels.
Finally, women preferred to have other women become members of their stokvels.



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