Unlocking the stokvel phenomenon: Busi Skenjana's money insights in her latest book

In South Africa, stokvels are celebrated as crucial lifelines for many individuals, particularly women, yet they remain shrouded in misconception. 

Busi Skenjana, a seasoned marketer and stokvel expert, dives deep into this often misunderstood financial institution in her new book, “Stokvel Voices: The Truth, the Illusions, and the Opportunities”. 

Armed with over five decades of firsthand experience, Skenjana not only dismantles myths surrounding stokvels but also illuminates their role as catalysts for economic empowerment within Black communities. 

“Stokvel Voices: The Truth, the Illusions, and the Opportunities” delves into the dynamics of how stokvels have adapted to modern challenges.

With contributions from both seasoned stokvel members and digitally savvy newcomers, the narrative offers a multi-faceted look at how these groups are changing in a digital age, while still retaining their core values.

It identifies seven essential pillars for success within stokvels, obtained from real-life examples, entrepreneurial insights and the challenges faced when aligning with brand activations.

As the author recounts her journey - from stokvel participant to successful entrepreneur - readers are treated to compelling anecdotes that emphasise the group’s legacy.

The book addresses common misconceptions about stokvels, countering myths that often overshadow their true potential.

It illustrates how these savings groups finance not only school fees and groceries but also property investments, making them vital to building generational wealth.

Ultimately, the narrative pushes for a paradigm shift: from stokvels being seen as simple consumer groups to being recognised as vehicles for wealth creation.

The concluding chapters advocate for enhanced support from both local communities and the corporate sector, aiming to further embed stokvels into the broader economic framework of SA. 

Born and raised in the vibrant township cultures of Evaton and Soweto, Skenjana’s life experiences have significantly shaped her understanding and advocacy for stokvels.

A seasoned entrepreneur and dedicated member of the stokvel community, she felt a compelling urge to document her journey and those of her fellow stokvel members. 

"Towards the end of 2023, it struck me that I have nearly 50 years of experience in the stokvel space," Skenjana reflects.

"This realisation inspired me to write this book, as I recognised that my insights, along with the experiences of others, could contribute valuable perspectives to the ongoing discourse surrounding stokvels and their societal impact."

This is not her first literary venture; she previously published “Move! Stokvel Guide”.

But her latest book marks a pivotal exploration that intertwines her narrative with contributions from both long-standing stokvel members and a new generation of digitally savvy participants.

The book seeks to confront the realities, myths and opportunities inherent in the stokvel culture through engaging case studies and personal stories.

For Skenjana, the creative energy behind her writing stems from a genuine passion for stokvels.

"It might sound like a cliché, but I’m deeply passionate about stokvels, both from a social and economic standpoint," she says. 

"This passion fuels my creative energy, inspiring me to explore anything related to stokvels."

Reflecting on her writing journey, Skenjana speaks about the joys and challenges faced while crafting her book.

"What I enjoyed most was the deep soul-searching and reflection that came with writing about stokvels. It was both meaningful and enlightening," she states.

Yet she also acknowledges the challenges of providing fresh insights amidst a landscape rich with existing literature.

"Finding that sweet spot, something new to say about stokvels, was tough. I had to reflect deeply on my journey while being honest about the highs and lows."

Her ambition stretches beyond storytelling.

Skenjana aspires to shape a balanced economic future, fostering mutually beneficial relationships between stokvels and the broader business sector.

"To any writer tackling complex subjects: if it feels uncomfortable, you're probably on the right track," she advises.

As a writer, Skenjana’s daily life resembles a kaleidoscope of unfinished tasks tied to her mission of stokvel development.

"I do feel a bit guilty sometimes for not giving enough attention to my personal life, but I strive to stay connected to my family while learning to find balance," she openly explains. 

Looking ahead, she envisions her role evolving into a thought leader focused on holistic stokvel development. 

"I see myself on the Thought Leadership stage, focusing specifically on actionable insights from stokvel ecosystems," she reveals.

In the book, Skenjana invites readers to appreciate the complexities and potentials within stokvels, presenting them not only as financial instruments but as vibrant networks of community empowerment. 

The book not only documents a rich history but also encourages dialogue about the future of these essential financial systems.