In celebration of South Africa’s group savings tradition, worth tens of billion of rands, Absa is proud to announce the launch of its inaugural Absa Stokvel Awards.
The awards are designed to honour the prestige of money-saving circles, known locally as stokvels, that form part of the mainstay of South African communities. These are the first ever stokvel awards in South Africa, and this is the first time that the successes of these unconventional money-saving circles are recognised by one of the largest financial institutions in the country.
“Stokvels are more than just savings groups; they are a cherished tradition, a lifestyle of collective empowerment, and a testament to the spirit of Ubuntu,” said Absa executive Tawanda Rumhuma.
“These group savings circles bring together friends, families, and neighbours, fostering financial inclusion, disciplined saving habits, mutual support, and community development to support social and economic development across the nation.”
Per 2024 study by Ipsos, 11-million members from approximately 800 000 Stokvel groups across the country have been able to save over R50 billion over the years. Through the the upcoming (stokvel) awards, Absa aims to shine a spotlight on these grassroots financial heroes and the extraordinary impact they have on members and communities, and most importantly, the country’s economy.
There is a wide range of stokvel members’ stories and personal experiences, and as a proud banker of stokvels, Absa aims to address the needs and aspirations of different stokvel market segments, from young people, professionals to entrepreneurs and even retirees. “By emphasising that each stokvel member’s story matters, we are demonstrating our support for South Africa’s group savings story which is the lifeline of the economy at large while highlighting our commitment to understanding individual customer journeys and providing tailored financial solutions for group savings such as stokvels,” added Rumhuma.
Celebrating Excellence: Award Categories
Recognising outstanding achievements across various categories, each celebrating a unique facet of the stokvel lifestyle, winners will be celebrated in a grand awards ceremony slated for Saturday, November 30 (2024).
The event will be filled with inspiration and recognition, showcasing the spirit of collective saving, through shared success stories of stokvels. Beyond trophies, winners will receive their share of R1 million, to propel their success even further.
There are nine awards categories in total, listed as follows:
- Best Community Impact Award – honouring a stokvel that has made a significant positive impact on the community through social projects, donations, or support initiatives.
- Most Innovative Investment Stokvel – a stokvel that has successfully ventured into investments and/or noteworthy innovation-related initiatives.
- Best Stokvel in Financial Literacy and Leadership – a stokvel that provides financial education to their members and have good governance and transparency in its leadership.
- Best Travel Club Award – a stokvel that has increased the accessibility of travel and tourism.
- Best Stokvel Enablers – honouring an organisation, business or individual who impact the stokvel community positively.
- Best Digitally Empowered Stokvel – a stokvel that effectively uses technology for its operations and to better engage and benefit its members.
- Most Unique Stokvel Award – a stokvel that demonstrated new ways and saving or investing for unique impactful goals.
- Lifetime Stokvel Achiever Award – a stokvel that has lasted for many years, while showing improvement and sustainability.
- Stokvel of the Year – a stokvel that has best demonstrated overall success in the year.
Cast your vote
The beauty of the Absa Stokvel Awards lies in its inclusivity to inspire and make a difference. The banking giant invites everyone, including non-Absa banked, to enter or nominate their favourite stokvel for the awards.
A distinguished panel of judges, including financial experts, community leaders, and Absa representatives, will select the winners based on minimum criteria, community impact, innovation, and sustainability.
For more details on the Absa Stokvel Awards and participation, please visit Absa’s website www.absa.co.za/stokvelawards.
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