After the first roadshow at the Soweto theatre in 2015, Tyvision Media promised the members to expand the reach of the Stokvels and Burial Societies Indaba to three provinces in 2016.
It was a mammoth task when they started off in Gauteng at Mogale Hall in Sebokeng in September. The word had spread around by the time the roadshow got to the Soweto Theatre in Jabulani and Ikageng Hall in Mamelodi East, Tshwane in October. Limpopo province was next at Meropa Casino in Polokwane, followed by North West at Mmabatho Palms in Mafeking.
The stokvels and burial societies’ members who attended the workshops in these three provinces highly appreciated the guidance, which was aimed at driving financial inclusion and responsible money management through the financial education programmes.
All the partners (Tyvision Media, Old Mutual, Hollard and the Johannesburg Stock Exchange), agree that they achieved their objective of creating a platform for stakeholders, particularly ordinary members, to engage around forming solutions to their challenges.
The province with highest penetration of stokvels is Gauteng at 24 percent, closely followed by Limpopo at 20 percent, then KwaZulu Natal at 14 percent and North West at 12 percent. These four provinces make up 70 percent of the stokvel market.
“I believe that the 8.6 million stokvel members who represent over 20% of the local adult population and an estimated 421 000 stokvels in total, would benefit from financial literacy to equip them with the confidence to manage personal finances through appropriate, short-term decision-making and sound, long-range financial planning, while mindful of life events and changing economic conditions,” says Thabiso Masudubele, Managing Director of Tyvision Media.
While the stokvels or ”societies” valued at R44-bn encourage a saving culture, they also instil discipline through friendship, brotherhood and community spirit. According to the market research company African Response, 47 percent of those surveyed belong to savings stokvels, 41 percent belong to burial societies, 20 percent belong to grocery stokvels and 5 percent belong to investment stokvels.
In taking stock, Tyvision Media is pleased with how the Stokvels and Burial Societies Indaba 2016 was rolled out in the three provinces and look forward to expanding the reach of the third annual Stokvels and Burial Societies Indaba 2017 Roadshows.
