What on earth is a “stokvel”? For many generations, stokvels have been a form of informal saving in South Africa. A typical stokvel consisted of a group of older women usually from the low-income bracket who pool money together through monthly contributions. The money is then shared equally at the end of the year or used to buy bulk groceries which are divided between the members.
Previously frowned upon by the younger generation, nowadays the middle-class are joining the bandwagon and changing the face of stokvels. Modern-day stokvels are made of youngsters who use them for long-term investments or lifestyle benefits.
The newest kid on the block is the Stokvels Lifestyle Cruise, a travel stokvel event that will see members and non-members cruising from Durban, South Africa to the Portuguese Islands in Mozambique early next year.
Sifundo Nzama, the founder of the stokvel and organiser of the cruise says she hopes that this initiative will broaden people’s experiences.
“Travel opens up your eyes to new possibilities and to other cultures. It really is relaxing and we should learn about the world around us and be global citizens,” she says.
An avid traveller who has enjoyed excursions locally, on the continent and abroad, she says travel and tourism is picking up in South Africa.
“People are now starting to be curious about the world around them and they want to invest in new experiences, but often don’t know where to go especially when travelling for the first time. So through the stokvel I am providing a service and making it easier for people to make that leap.”
Nzama knows all too well that a stokvel is one vehicle that can achieve this. “I was raised by my mother who educated me through stokvel money. So I know that when people who have a common interest come together, nothing can be impossible for them.”
The stokvel, is open to anyone who is keen to travel at a cost of about R6000 per person, which can be paid in installments. The cruise ship will depart from Durban on January, 31 and return on February 3, 2020. The trip will include meals as well as entertainment by South African musicians as well as DJs from a popular radio station.
Nzama says choosing the Portuguese Islands was a no-brainer. “They are both luxurious and affordable. The cruise offers the best of both worlds.”
She adds that apart from the cruise being a lifestyle event, participants will also get to network and share ideas about business, travel and social projects.
Undoubtedly, the rise of new age stokvels in South Africa such as property stokvels which are used to help the youth own homes quickly without the stress of enduring many years of interest bearing loans, as well as travel stokvels is evidence that this old-age tradition of saving is here to stay.
Article was written by Nomad Africa’s newest contributor Zinhle Dlamini.
