Brotherhood & Budgets: Why More Men Are Turning to Stokvels

In South Africa, stokvels have long been seen as female‑led savings groups, until now. Over the past few years, an increasing number of men are joining, founding, and even pioneering new stokvel models that reflect fresh ambitions and changing attitudes.

A shift in gendered traditions

Historically, women made up around 57% of stokvel members, mostly focusing on groceries, funerals, and birthday funds (Source: brandsouthafrica.com). But investment‑style stokvels, those aimed at property, vehicles, or business ventures, now attract a slight male majority (53%).

Today’s men are no longer interested only in the basics. They’re using stokvels to pool resources for “big‑boy toys” like generators, solar panels, cars, even residential stands. These groups are re‑imagining stokvels as tools for financial empowerment.

Brotherhood, discipline and mutual aid

A prime example is the Sihlangene Social Club in Vosloorus, formed in 2018 by unemployed men who banded together after a friend’s bereavement. They contribute R400 monthly and now support families during funerals, donate wheelchairs and groceries, and hold each other accountable. Siphiwe Khuzwayo, the club's spokesperson, emphasises that it’s “not just about money, it’s about brotherhood.” Members act as mentors, combining support with financial discipline. Since managing their own funds (rather than using a service provider), the group has grown to 35 strong and can pay out burial grants of R20 000 (Source: sowetanlive.co.za).

Learning money sense

As stokvels become investment-friendly, they also become classrooms in financial literacy. Partnerships with banks enable groups to open formal accounts that earn interest and reduce risk. Digital platforms like Stokfella are also emerging, offering online management tools that resonate with younger, tech-savvy men (Source: smartaboutmoney.co.za).

Community-level banking

With over 11 million members in around 820,000 groups, stokvels funnel about R50 billion annually into grassroots economies (Source: citizen.co.za). For men who are wary of conventional banks, stokvels offer a more accessible, lower-fee alternative, without compromising on structure or returns.

Smart financial anchors

Men are increasingly using stokvels for key life goals, school fees, lobola, housing, household appliances. Close-knit programming means crisis planning and reliable support during difficult times.

Risks and safeguards

Despite the benefits, there are pitfalls. Fraud and pyramid schemes have been reported. Men are advised to ensure their stokvel is registered with the National Stokvel Association of South Africa (NASASA) and follows transparent governance models (Source: moneymagazine.co.za).

The future of men and stokvels

Stokvels are being reinvented (by men) into formidable tools for community upliftment and personal growth. They’re shaking off stereotypes, embracing modern finance, and building solidarity across South Africa’s diverse landscape. For men seeking not just a safety net but a launchpad, stokvels offer both communal strength and strategic financial backing.

 Starting a Successful Stokvel

1. Define your purpose: Agree on whether the stokvel is for investment, lump sums, groceries or funerals. Be clear.

2. Choose trusted members: Select people you know and trust to avoid defaults or disputes.

3. Draft a constitution: Establish written rules: purpose, contributions, payouts, membership, and conflict resolution.

4. Elect a leadership team: Appoint a chair, secretary and treasurer to manage and report transparently.

5. Open a dedicated bank account: Set up with multiple signatories for security; use banks offering stokvel accounts (e.g., Nedbank, FNB, Standard Bank).

6. Maintain accurate records: Keep minutes, receipts and membership logs; consider using digital tools for transparency.

7. Meet regularly: Schedule monthly meetings to review funds, plan, and strengthen accountability.

8. Consider register with NASASA: Optional but adds credibility and safeguards against fraud.

9. Assess investment options: For growth, explore or low-risk investments aligned with group goals.

10. Stay vigilant: Beware of scams promising high returns; transparency and discipline are key.