stokvel

British  

/ ˈstɒkˌfɛl /

noun

1. an informal savings pool or syndicate, usually among Black people, in which funds are contributed in rotation, allowing participants lump sums for family needs (esp funerals)

---

Etymology

Origin of stokvel

C20: of uncertain origin

Example Sentences

Absa, is also looking to enhance its stokvel product, its head of savings and investment Thami Cele told Reuters.

From Reuters

Both Standard Bank and FNB meanwhile are looking at how to replicate stokvel’s informal lending and could roll out similar schemes in other markets in Africa.

From Reuters

Rival FirstRand’s retail division, FNB, launched a fee-free account for stokvel customers earlier this year.

From Reuters

Standard Bank is building up a network of partnerships with such organisations, which already spans 20,000 outlets, to promote the new account and create a stokvel loyalty programme.

From Reuters

Banking a stokvel offers multiple chances to make money.

From Reuters