Madam,

Reports of a missing E40 000 from a local stokvel have once again brought to light an uncomfortable reality many communities prefer to overlook. While the details of this particular case will continue to unfold, the broader concern is far more pressing: The growing risks associated with informal savings schemes and the urgent need for members to rethink how they safeguard their hard-earned money.

Stokvels have long played an important role in Eswatini’s social and economic life. They offer a sense of trust, unity and mutual support, especially for people who may not have easy access to formal financial institutions. For many households, these groups have become a dependable safety net, helping families meet school fees, strengthen funeral plans or support small businesses. However, their strength—trust—can also become their greatest vulnerability.

Too often, members enter these schemes on the basis of personal relationships, without clear accountability structures or reliable financial safeguards. Money is still frequently kept in cash, stored in private homes or entrusted to a single person, relying on the hope that nothing will go wrong. Yet, time and again, communities face painful losses when funds disappear, whether through theft, mismanagement or internal disputes. These situations erode trust and place emotional and financial strain on members who were counting on the savings for essential needs.

It is time for people to be far more careful in how they participate in stokvels. Trust alone is no longer enough. Members must insist on proper record-keeping, transparent rules, shared responsibility and regular reporting. Most importantly, money should not be kept in someone’s cupboard or car. The safest option is to deposit it in a reliable bank account, where withdrawals require multiple signatories and where funds remain protected from theft or unauthorised access. This is not about abandoning the stokvel tradition; it is about strengthening it.

Banks in Eswatini offer group accounts specifically designed for rotating savings clubs and these come with clear controls and transactional records. Stokvels should make use of such services to minimise disputes and prevent losses that tear communities apart. Members must also take the time to review their group’s constitution and ensure that financial responsibilities are not placed on one individual without oversight.

The recent incident should, therefore, serve as a reminder, not a shock. If communities want stokvels to continue serving families for generations, they must adapt. Safeguarding contributions through the banking system is not only safer, but also an essential step towards protecting the trust that keeps these groups alive.

Duduzile

Reports of a missing E40 000 from a local stokvel have once again brought to light an uncomfortable reality many communities prefer to overlook.