FNB transforms stokvel banking experience with digital account opening

In a stride towards financial inclusion, FNB unveiled an enhancement to its Stokvel offering, allowing members to open accounts entirely through its app and online banking platform.

This transformative move completes the bank's digital journey for stokvels, streamlining the account opening, transacting, and payout processes into a fully digital format while also optimising the in-branch experience for customers.

Historically, forming a stokvel required the physical presence of three signatories at an FNB branch.

Now, into 2026, the financial institution said it made this cumbersome process obsolete.

The signatories can independently complete the account setup from their own devices, from anywhere across South Africa.

"This is a significant milestone in making stokvel accounts truly accessible," said Himal Parbhoo, CEO of FNB Cash Investments.

"We've completed the digital stokvel account journey, and all elements—from opening accounts to transactions and payouts—are now digital. This advancement means that stokvels can be established and managed with greater ease, irrespective of where founders and members are situated."

Lytania Johnson, CEO of FNB Personal Segment, highlighted the profound impact of this digital initiative, particularly for members located in remote areas.

"Many stokvel members previously faced barriers to entry due to the need to travel to FNB branches. Our new approach brings the bank to our customers rather than requiring them to visit our branches," Johnson said.

Accessible via the FNB app, the online banking interface, and the bank's extensive agent network, this innovation enhances the reach of FNB's stokvel accounts, especially in underserved communities where banking facilities are limited.

"This is true financial inclusion brought to life,. We provide first-class digital services to all while still offering efficient personal support for those who prefer to engage face-to-face. People no longer have to put off starting their stokvel; they can open an account whenever they choose, no matter their geographical constraints." Johnson added.

The digital account opening feature is not just about convenience; it embodies a commitment to empowering communities to manage their savings securely and on their own terms. "Our goal is to support stokvels through a fully digital product, strengthening our customers’ capacity to build and grow collective wealth," Parbhoo said.

All the well-established security protocols remain intact.

The traditional three-signatory structure is preserved, ensuring a chairperson, treasurer, and secretary manage transaction permissions and approve payouts.

The advantages of the digital process extend beyond accessibility; it also accelerates the setup time.

Signatories can complete the process in real-time through live verification methods, such as selfie authentication paired with Department of Home Affairs ID validation.

Once all three involved parties have completed their portions, the account is promptly activated and ready for deposits.

FNB stated that it continues to promote transparency within stokvel operations.

Members receive invitations to monitor account activities, allowing for shared visibility into deposits, withdrawals, and balances via the app, USSD, or FNB online banking.

The timing of this release aligns perfectly with the peak period for stokvel account openings, typically occurring between January and March.

"The timing is deliberate. This is when more people are contemplating joining or forming stokvels. By eliminating the logistical hurdles associated with visiting a branch, we’re facilitating an easier path to opening a stokvel account with a trustworthy financial institution." Johnson said.

Parbhoo further said, "The FNB Stokvels digital account addresses prior issues such as fund theft, opacity, and cash handling risks that plagued many stokvels. With this update, we’re enabling a comprehensive digital ecosystem for stokvels, providing a safe and secure experience from initiation to payout each year."

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