Stokvels are deep-rooted in the customary traditions embedded in socio-economic cultures of the developing world and are an integral part of everyday life.
They have helped feed millions of people, put millions of children through school, helped finance small businesses, aided members through times of emergencies, and helped the unbanked and underbanked obtain credit without having to access banks.
But due to their informal nature, stokvel systems often lack control mechanisms to reduce the
risks of loss of savings. This can be improved by leveraging digital technology through digital savings, which help eliminate the risk of cash theft, and provide clear tracking of transactions.
