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Sanlam taps into the stokvel market

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Insurer sets out to formalise traditional sector

BULK IS BEST: Stokvel members share out their joint purchases in the parking lot of a Makro store in Durban. Picture: ROGAN WARD

NASASA, which has 125,000 stokvel groups registered with it, will deliver about 2.5-million individuals as potential clients to the new venture. NASASA Financial Services, licensed as a representative of Sanlam’s entry-level business, Sanlam Developing Markets, will start by selling funeral benefits to burial stokvels and other savings groups. But Sanlam plans to add other products to the NASASA offering in phases, starting with underwritten life insurance and then short-term insurance and savings products later on.

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