Stokvels, a cornerstone of South Africa’s financial culture, have experienced a remarkable resurgence in recent years. Traditionally known for their communal savings structure, these savings clubs are now attracting more members than ever before. According to the latest data from FNB, stokvel account deposits have surged by an impressive 66%, and membership has grown by 34% in just one year. This resurgence is more than just a trend – it reflects a significant shift in how South Africans are approaching their finances in times of economic hardship.
The Big Numbers Behind the Surge
In 2025, FNB reported that stokvel account deposits surged by 66% in just one year. This surge shows not only an increase in the amount of money being saved through savings clubs but also the trust and faith that more South Africans are placing in this collective saving system.
Additionally, the growth in FNB Stokvel Account members has been remarkable, with a 34% increase in membership over the same period. This means more people are choosing these savings clubs as a reliable way to save money in a tough economic climate.
According to Gugu Zikhali, the Client Experience Head at FNB Cash Investments, this growing interest in stokvels can be attributed to the ongoing financial pressure faced by many South Africans. “People are looking for ways to make their money go further, and stokvels provide a solution that works within their communities,” Zikhali explained.
Why Are Stokvels Making a Comeback?
Saving clubs have been a part of South African culture for decades, but their resurgence in recent years can be attributed to several key factors.
Here’s why savings clubs are back in a big way:
1. Rising Financial Pressures
With the South African economy facing challenges such as high inflation, rising unemployment, and increased living costs, many South Africans are struggling to save money. Traditional savings methods often seem insufficient, leading people to seek alternatives. Stokvels provide a solution by pooling resources, making it easier to save collectively and achieve financial goals together.
2. Community Support and Accountability
One of the key reasons stokvels are growing in popularity is the sense of community they offer. Unlike individual savings accounts, stokvels operate within a group, creating a sense of shared responsibility and accountability. This community structure encourages members to stick to their savings plans, which often results in greater financial discipline and success.
3. Safer and More Reliable
For many South Africans, stokvels represent a safer and more reliable way to save compared to informal lending systems or high-risk investments. The group-based nature of stokvels provides a level of trust that may not exist in other financial products. Additionally, many stokvels are run by experienced and trustworthy leaders, further ensuring that the money is handled responsibly.
4. The Rise of Digital Stokvel Accounts
Technology has played a significant role in the resurgence of stokvels. The ability to manage and track contributions online makes it more convenient for members to participate in these savings schemes. FNB’s digital stokvel accounts have streamlined the process, allowing people to join, save, and monitor their stokvels via mobile apps and online banking platforms. This shift has removed barriers for those who may have previously found it difficult to participate in traditional stokvels.
Related: Top 5 Stokvel Ideas for 2025 to Save Big for December
5. Higher Returns on Contributions
Stokvels often provide a better return on savings compared to traditional bank accounts, making them an attractive option for those looking to get more out of their money. By pooling resources, stokvel members can access greater financial opportunities, such as higher interest rates on savings or bulk discounts on purchases. This potential for better returns adds to the appeal of stokvels, especially in an uncertain economic climate.
6. Flexibility and Versatility
Stokvels are incredibly versatile. Whether it’s for saving for a specific goal, such as a funeral, a wedding, or a holiday, or for general savings, stokvels can be tailored to suit the needs of the members. This flexibility makes stokvels appealing to a broad range of people with different financial needs and goals.
The Future of Stokvels
The continued growth of savings clubs in South Africa suggests that they will remain an important part of the country’s financial landscape. As more people face financial challenges, the communal nature of stokvels offers a solution that allows individuals to save and work together toward common goals. Whether it’s a traditional stokvel or a digital account, the appeal of saving in a group is stronger than ever.
The key takeaway here is that saving clubs are not just a traditional savings method; they are a proven, reliable way to manage money in a way that works for South Africans today. By embracing this age-old system, many are finding ways to thrive financially, even in the face of difficult economic times.
