Established in 1988, the National Stokvel Association of South Africa (NASASA) has emerged as a pivotal entity in the financial realm, reshaping the landscape for Stokvels across the nation. The journey began with a founding meeting in Soweto on 14 February, driven by the need for an advocacy group to represent Stokvels at the Reserve Bank. In the late 1980s, Stokvels faced legal challenges, deemed illegal as deposit-taking institutions operating without a banking license according to the Banks Act.

Under the leadership of our founder and current Chairman, Andrew Lukhele, NASASA sought to redefine the narrative surrounding Stokvels. The pivotal moment came in 1990 when the Reserve Bank granted Stokvels an exemption from the Banks Act, provided they registered with NASASA, solidifying our role as a Self-Regulatory Organisation approved by the Reserve Bank. NASASA’s influence continued to shape the financial landscape in the early 1990s, giving birth to the Perm Bank Stokvel Club Account – a groundbreaking initiative that allowed Stokvels to, for the first time,  operate bank accounts in the name of the group.

Over the years, NASASA’s impact has multiplied, becoming a force for change in the Stokvel community. In 2010, the organization extended its reach by establishing a dedicated marketing and communications arm, employing over 150 full-time staff and engaging with thousands of Stokvel members monthly. NASASA’s Stokvel Indaba, a monthly townhall meeting, has become a cornerstone for community interaction and empowerment.

The year 2021 marked another milestone with NASASA obtaining its banking license under the Co-Operative Banks Act, reinforcing our commitment to financial innovation. In 2023, NASASA further expanded its horizons, obtaining an FSP license from the FSCA and becoming a proud investor in National Treasury’s Financial Co-Operative Retail Savings Bonds. The recognition by the Prudential Authority and the Co-Operative Banks Development Agency as the Top Start-Up Financial Co-Operative in 2023 serves as a testament to NASASA’s unwavering dedication and impact on the Stokvel sector, marking a legacy of excellence and innovation.

Today the Stokvel sector, consisting of over 800,000 Stokvel groups and engaging with 11 million adult South Africans, moves over R50 billion annually, underscoring NASASA’s profound influence on this dynamic and economically significant community.