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Home Financial Investments Stokvels encouraged to diversify to grow their
investment portfolios


STOKVELS ENCOURAGED TO DIVERSIFY TO GROW THEIR INVESTMENT PORTFOLIOS

March 6, 2023
Sifiso Nkosi - Stokvels and Group Savings Head at FNB Cash Investments
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Stokvel concepts with appropriate investment models may hold the key to
alleviating poverty and extending equal access to economic ownership and capital
accumulation in South Africa.



Most people have been using stokvels for informal savings over the years,
frequently depleting their savings around the December holidays, before going on
spending binges during the festive season and starting over the following year.

Instead of withdrawing all funds for short-term goals, FNB experts believe that
stokvels should consider diversifying their portfolios using a wide variety of
investment vehicles that can yield returns that surpass inflation. The annual
inflation rate in South Africa was 7.2% in December 2022, down from 7.4% in
November, but still above the upper limit of the South African Reserve Bank’s
3%-6% target range. Sifiso Nkosi, Head of Stokvels and Group Savings at FNB,
says “aside from a standard savings account, there is a lack of stokvel
investment vehicles in which members’ savings can be invested for the long term.
This is a missed opportunity for the stokvels, as their savings could
potentially yield a higher rate of return from other long-term investment
solutions. For Stokvels that hold their savings with FNB, this gap could be
closed by selecting longer-term investment vehicles, which include Unit Trusts
(Horizon Series; Shares (Share Zero) and the full product continuum available to
individual customers.”

Stokvel members can improve their individual savings and investing plans by
diversifying the stokvel payouts and using the principles of collective saving
(discipline, accountability, and belonging to a community of like-minded
people). The advantage is that stokvel members have an all-encompassing
investing strategy that meets their demands in the short and long term rather
than being overly involved in the short-term investments.

“The risk of being unduly focused on one asset class is decreased by
diversifying the underlying investment in a stokvel. As a result, when one asset
class underperforms, which is frequently the case, another asset class may
outperform, which lessens the impact of the underperformance of one asset class.
Our desire to increase the underlying investment in stokvel solutions stems from
the fact that diversification is at the heart of the investing concepts we
promote to our clients. In the future, we see our clients investing in cash,
unit trusts, direct shares, and exchange-traded funds,” says Samukelo Zwane,
Product Head for FNB Wealth and Investment Solutions.

How stokvels can re-invest earnings into other long-term vehicles

Stokvel members can utilise their dividends to fund their tax-free savings
accounts as part of long-term retirement planning.

“Members who reinvest the earnings from their stokvel increase the compounding
power of returns. If you invest in cash items, the proceeds could be interest;
if you invest in shares or unit trusts, they could be dividends. Members that
invest grow their overall investment pot, allowing the investor to earn returns
on a greater capital basis from which they can earn larger returns on their
investment. Since compound returns have a greater impact on long-term
investments made by clients, the FNB encourages reinvestment for these clients,”
says Zwane.

It’s critical for financial institutions to offer long-term investment options
for stokvels to allow groups that same investment continuum available to
individuals or businesses. This will ensure that stokvels can hold a variety of
investment products, ranging from demand (short-term) to more longer-term
investment solutions such as bonds, unit trusts and shares.


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