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Banks target informal saving clubs' cash

Thandi Mkhabela’s money used to slip through her fingers.
Now the 34-year-old mother of four earns interest on monthly savings, has paid off debts and is planning to extend her house in a township just outside Johannesburg, without ever dealing with a bank.
Mkhabela’s improved financial footing came after she formed a savings club in June last year with 16 other women. Each of them contribute 100 to 500 rand (US$6.68 to US$33.42) a month, and the club, known as a stokvel, offers three-month loans to members at rate of 10 percent per month. At the end of the year they split ....

South Africa , South African , Raj Makanje , Andrew Lukhele , Motlatsi Mkalala , Thandi Mkhabela , Firstrand Ltd , First National Bank , National Stokvel Association Of South Africa , Absa Group Ltd , Standard Bank , Emma Rumney , National Stokvel Association , Group Ltd , Thami Cele , Anton Krone , The Taipei Times ,

Big banks target SA's informal stokvel's cash

The country s big four potentially only capture R12bn of the R50bn stokvel market currently ....

South Africa , Raj Makanjee , Andrew Lukhele , Motlatsi Mkalala , Thandi Mkhabela , National Stokvel Association Of South Africa , Standard Bank , National Stokvel Association , Thami Cele , Anton Krone ,

Major banks look at ways to formalise stokvel market

South Africa's major banks have for years wanted to bring stokvels into the country's mainstream banking system. ....

South Africa , Thandi Mkhabela , National Stokvel Association Of South Africa , National Stokvel Association ,

'I am going to build my house, I want a big one': Big banks target stokvel saving clubs' cash

Thandi Mkhabela's money used to slip through her fingers. Now the 34-year-old mother of four earns interest on monthly savings, has paid off debts and is planning to extend her house, without ever dealing with a bank. ....

Motlatsi Mkalala , Standard Bank , Thami Cele , Thandi Mkhabela , South Africa , To Funeralsstokvels , National Stokvel Association Of South Africa ,

SA banks battle tradition in push to get more stokvel action

Lenders are thought to have access to less than a quarter of a R50bn market, but some stokvel members point to the additional costs and lack of flexibility of a bank account ....

Raj Makanjee , Andrew Lukhele , Motlatsi Mkalala , Thandi Mkhabela , National Stokvel Association , Standard Bank , Savings Club , South African Banks Stokvels , National Stokvel Association Of Sa ,