, March 27 -- A new online and video-based study by market research specialist Ipsos has revealed that South Africa's R50bn Stokvel sector made up of more than 800,000 Stokvel groups and 11-million members* is a vast network of dynamic 'human banks' in the South African economy. This stems from the finding that despite the development of banking products aimed at these savings societies, cash remains the preferred mode of operation for most stokvels. In addition, the Ipsos study highlights a persistent mistrust of traditional banking institutions, fuelled by perceptions of high fees, and bureaucratic red tape, such as lengthy account opening procedures, inflexible withdrawal restrictions, and hidden charges that erode savings.

Ipsos clie...