stokvel

/ ˈstɒkˌfɛl /

noun

1. an informal savings pool or syndicate, usually among Black people, in which funds are contributed in rotation, allowing participants lump sums for family needs (esp funerals)

Word History and Origins

Origin of stokvel¹

C20: of uncertain origin

Example Sentences

Rival FirstRand’s retail division, FNB, launched a fee-free account for stokvel customers earlier this year.

From Reuters

Andrew Lukhele, who chairs stokvel association NASASA, said banks bring demands for documents, a constitution - not necessary for all groups - and more rigidity in how the money can be used.

From Reuters

Absa, is also looking to enhance its stokvel product, its head of savings and investment Thami Cele told Reuters.

From Reuters

Standard Bank is building up a network of partnerships with such organisations, which already spans 20,000 outlets, to promote the new account and create a stokvel loyalty programme.

From Reuters

Both Standard Bank and FNB meanwhile are looking at how to replicate stokvel’s informal lending and could roll out similar schemes in other markets in Africa.

From Reuters