Actress and media personality Enhle Mbali Maphumulo recently sat down with HuffPost SA to share her top money tips.
The businesswoman said stokvels were among her top savings vehicles of choice. She believes they will never become obsolete.
Here are five things you may not know about stokvels:
1. According to the National Stokvel Association of South Africa (NASASA), the presence of stokvels can be traced back to the 19th century when English settlers held rotating cattle auctions known as stock fairs. These became known as stokvels by locals who would pull resources to trade livestock. It later morphed into financial resources being pulled together by various members for the financial benefit of the group.
2. The stokvel economy is estimated at R49-billion in South Africa alone, according to NASASA.
3. There are more than 800,000 stokvel groups in the country, with at least 11-million members.
4. Gauteng has the most stokvel presence, followed by Limpopo and KwaZulu-Natal. The Western Cape has the least stokvel presence.
5. Stokvels are now investment focused, savings clubs and grocery stokvel and burial societies.Suggest a correction