He explained that they wanted to cultivate the culture of crowdfunding not as a stokvel
culture, but as a way of creating jobs through businesses funded from crowd-funding.
Whiphold Ltd, the multi-billion Rand Soweto stokvel
which is listed on the Johannesburg Stock Exchange provides one of the best examples of the power of collective saving.
This money was invested in a stokvel
(savings wheel (1)) for the farming groups, the profits of which enabled a further member group to be formed.
Heidi Kruger, the BHF's Head of Corporate Communications, compared a medical scheme to a stokvel
. 'I think it's safe to say that members often see a medical aid premium as a grudge purchase, so they'll get as much as possible out of it.
He focuses on saving schemes such as Stokvel
and mashonisa schemes to enable women to survive (livelihood strategies), attain independence and contribute to the eradication of poverty, notwithstanding some abuses in these rotating saving schemes.
It suggests that we should speak of moneylending rather than moneylenders; that lending is often done by groups rather than by individuals (in a variant of the well-known stokvel
); and that it may represent a response to so-called 'formalization' (Guyer 2004) of financial arrangements by those who have considerable experience of this, rather than being a bulwark against it.
In South Africa it is called Stokvel
. Everywhere one goes in Africa, iris present.
While focusing on the stokvel
schemes, most scholars tend to limit their gaze to the limited successes of the programmes without necessarily bringing out the high points of achievement.
Acutely aware that other local people were, like them, dependent on multiple activities and sources of income, my interviewees asserted that they could not know the specifics of everyone's 'plans'; their debtors might be waiting for a loan repayment from someone else, for a stokvel
payout, for funeral insurance, or for a disability grant for an illness.
This theme is discussed in the context of NGO involvement and success in Botswana at the time development aid providers pulled out; and development challenges in Ghana that are linked to poor education status of women which the author believes Ghana's development approaches has to take into consideration, as well as well as the role of community based financial groupings in improving economic well-being of the stokvel
members and development in general.
In recent years schemes such as Sun Multi Serve 'Stokvel
', Miracle 2000, The 'Stokvel
' Millionaires Club, Africa Club Investment, Favor Unleashed and Six23 Networks have made for sensationalist headlines, accompanied by media reports portraying those who 'invest' and 'become victims' as uneducated, poor, and desperate if not outright greedy in their search to 'get rich quick'.