In the early 19th century, English settlers in the Eastern Cape held rotating cattle auctions known as “stock fairs”; these became known as “stokvels” by the locals who would pool resources to trade livestock says Andile Mazwai, CEO at National Stokvel Association of South Africa.
Mazwai adds that since then stokvels have existed as 'voluntary groups of natural persons (members) bound by a common cause who pool financial resources for the benefit of the group'.
The idea of coming together and putting ones resources together for a better outcome is a natural human experience.— Andile Mazwai, CEO at National Stokvel Association of South Africa.
Listen to the audio below for the masterclass on stokvels:
This article first appeared on 702 : Master Class: All you need to know about stokvels