The number of South Africans belonging to stokvels is expected to increase in 2023 amid market volatility, says chairperson and founder of the National Stokvel Association of South Africa Andrew Lukhele.
Speaking to News24, Lukhele says saving schemes like stokvels have been used historically when people have experienced tough economic climates, including during wars and pandemics."The term 'stokvel' is derived from the cattle auctions or stock fairs of English settlers in the Eastern Cape during the early nineteenth century," explains Lukehele.
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