Stokvels are common in SA as member-owned savings and credit associations, traditionally used to save money or pool funds for use by the members in specific way. The associations are often seen as a safer, more accessible way to build financial security and reach shared goals.

Experts and key industry thought leaders today gathered in Soweto to explore the importance of stokvel contributions in SA's economy as well as unpack key insights from the stokvel industry. Founder of the Stokvel Academy of SA, Busi Skenjani, says gone are the days when stokvels were only joined by older women in the township.

“Property stokvel is one of the buzzing words right now among youngsters. The younger generation is no longer content with just the traditional products within the banking systems, like just saving money with bank X. They are exploring how they can grow their money,” Skenjani said.

--SABC/ChannelAfrica--