• FNB now lets stokvels open accounts fully online, removing the need for three members to visit a branch together.
• SA’s 800,000 stokvels manage about R50bn, making digital access a major banking opportunity.
• The three-signatory control stays in place, but onboarding, deposits and payouts are now fully digital.

First National Bank (FNB) has completed the full digitalisation of its stokvel account offering, allowing groups to open and manage accounts entirely through its mobile app and online banking platform. The move removes one of the biggest barriers that previously limited access: the requirement for three signatories to visit a branch together to open an account.

"This is a significant milestone in making stokvel accounts truly accessible," says Himal Parbhoo, FNB CEO of FNB Cash Investments, "We've completed the digital stokvel account journey and now everything – from account opening through to transactions and payouts - can now be done digitally. This makes it far easier for stokvels to be established and managed, in partnership with FNB as their trusted financial services provider, regardless of where founders and members are located."

Stokvels — informal savings groups widely used across South Africa — play a major role in household finance. With an estimated 800,000 groups and roughly 11 million members nationwide, the sector is believed to manage around R50 billion in collective savings. Much of this activity has historically taken place in cash or semi-formal arrangements, exposing members to theft, disputes and limited transparency.

Until now, FNB has required the chairperson, treasurer, and secretary of a stokvel to present in person at a branch to complete account opening. That coordination often proved difficult, especially in rural areas where branches are sparse, and transport costs are high. The new system allows each of the three required signatories to complete registration independently on their own devices, from anywhere in the country.

The process includes digital identity verification through selfie authentication and validation with the Department of Home Affairs. Each signatory accepts the stokvel constitution and mandates electronically. Once all three have completed their part, the account is activated immediately and becomes available for deposits.

The bank has kept the traditional three-signatory control structure intact. Transaction rights and payment approvals remain jointly managed, preserving the internal checks and balances that are central to stokvel governance. In addition, members can be invited to view account activity through the app, USSD or online banking, ensuring that deposits, withdrawals and balances are visible to the group.

The timing of the launch is deliberate. January to March is peak season for stokvel formation, as households reset budgets and organise savings for the year ahead. By eliminating the need for branch coordination, FNB is positioning itself to capture new groups at the point of formation.

The development also reflects broader competition among South Africa’s major banks to formalise stokvel savings. Standard Bank, Nedbank and Absa all offer group or society accounts tailored to stokvels, typically with multi-signatory requirements and interest-bearing features. However, full remote digital onboarding has not been widely implemented across the sector. By enabling end-to-end digital account opening, FNB is seeking to differentiate itself on convenience and accessibility.

From a business perspective, stokvels represent a significant deposit base. Collective savings tend to be stable and predictable, often building steadily throughout the year before seasonal payouts. For banks, these balances provide a relatively low-cost source of funding. For members, formal accounts offer security, transaction records and protection from cash handling risks.

The digital shift also lowers operational costs for the bank. Branch visits are resource-intensive, requiring staff time and physical infrastructure. A remote onboarding system reduces these expenses while expanding reach into underserved communities through mobile channels and agent networks.

For many stokvel members, particularly in rural areas, the impact is practical rather than technological. Travel time, transport costs and scheduling conflicts have long delayed or discouraged formal account opening. The new system effectively brings the bank to the customer, rather than requiring the customer to travel to the bank.

FNB has previously reported strong growth in its stokvel portfolio, with billions of rand in deposits held across thousands of groups. The bank argues that digitisation strengthens security and transparency, helping address longstanding concerns about mismanagement or theft within informal savings schemes.

The broader significance lies in the gradual integration of informal finance into regulated banking systems. Stokvels have operated successfully for decades outside mainstream financial institutions. By making access simpler and faster, banks are attempting to capture a larger share of this R50 billion market while offering members greater protection and visibility.

FNB’s latest move does not change the structure of stokvels themselves. It changes how they interact with the formal financial system. In doing so, it signals that competition for collective savings is shifting decisively toward digital convenience, particularly in communities where branch access has historically been limited.

Idriss Linge