Stokvel Academy receives funding to launch pilot focused on digitising community savings groups

The 18-month programme will train youth to support the digital onboarding and administration of stokvels. The initiative aims to expand financial education and strengthen operational practices within community groups.

Stokvel members opening their grocery stokvel after having joined hands with Stokvel Academy (SUPPLIED)

Stokvel Academy, a South African social enterprise that provides financial literacy, governance guidance and entrepreneurial training to stokvel groups, has secured funding from E Squared Investments to launch a pilot initiative aimed at digitising community savings structures.

Founded in 2017 by entrepreneur and author Busisiwe Skenjana, the organisation works with stokvels across multiple regions to support administrative practices and promote greater participation in financial education. The new funding will be used to implement the Stokvel Agent Accelerator, a programme designed to train unemployed youth to assist community groups in adopting digital tools and basic financial processes.

The 18-month pilot will begin in Soweto and the Vaal region. It plans to recruit 25 participants who will receive training to digitise stokvel operations, register groups on recognised digital platforms, and facilitate financial literacy sessions. Stokvel Academy estimates that the pilot may support the digitisation of more than 3,400 stokvels involving approximately 28,000 members, with an additional 800 community members expected to attend education activities.

According to Skenjana, the initiative will provide an opportunity to test approaches that connect digital practices with existing community financial structures. Pyi Maung, chief investment officer at E Squared Investments, said the organisation views the pilot as a way to explore models that expand access to financial participation through community-based networks.