February 2026 – FNB has launched a groundbreaking enhancement to its Stokvel digital account offering, enabling members to open accounts entirely through the FNB app and online banking platform. This completes the bank’s digital transformation journey for stokvels, effectively making the account opening, transacting and payout process fully digital, while also enhancing the in-branch experience to be faster and more customer-friendly.
Previously, three signatories were required to physically visit an FNB branch together to open an account. Now, these signatories can independently complete the entire process on their own devices, from anywhere in South Africa.
“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.”
According to Lytania Johnson, CEO FNB Personal Segment, the new digital account opening capability addresses what has historically been a critical barrier to entry. “Many stokvel members, particularly in rural areas, faced challenges travelling to FNB branches,” she explains. “The digital account opening process now brings the bank to customers, rather than requiring them to come to the bank.”
The digital process is available through the FNB app and online banking, as well as via the bank’s agent network. This significantly expands the reach of its popular stokvel accounts in underserved communities where branch access may still be limited.
“This is true financial inclusion brought to life, with top class digital services available to all, while we still offer efficient personal support for those who prefer a face-to-face approach,” explains Johnson. “Despite stokvels being more prevalent in rural areas, most banks still expect people to come to them to open a stokvel account – which can be very difficult in some parts of the country. With this digital development, you don’t have to delay starting your stokvel until you can come to us; you can open your stokvel account right now, wherever you are.”
“Our digital stokvel account opening development marks a pivotal step in extending financial inclusion to communities across South Africa. By removing historical barriers such as travel and branch access we are empowering stokvels, many of which operate in rural and underserved areas, to formalise and manage their savings safely, conveniently and on their own terms. This innovation is not just about technology; it is about helping people to start their savings journeys without delay, supported by the full security, transparency and trust for which FNB is known. We are proud to support stokvels with a fully digital product, that strengthens our customer’s ability to build and grow collective wealth,” said Parbhoo.
In addition to the convenience of remote digital account opening, all the usual FNB security and accountability measures are still in place. The three-signatory structure is unchanged, with a chairperson, treasurer and secretary still required to control all transaction rights and approve payments.
Importantly, the digital account opening functionality also speeds up the process of setting up a stokvel as the process is completed in real time, as far as possible. Each signatory downloads the FNB app, registers through live verification – including selfie authentication and Department of Home Affairs ID verification – then accepts the stokvel constitution and mandates. Once all three individuals complete the process, the account is immediately open and available for deposits.
As has always been the case with FNB’s digital stokvel accounts, all stokvel members can then receive invitations to view account activity, which ensures full transparency and accountability. Members can see deposits, withdrawals and balances on the app, via USSD, or on FNB online banking.
The timing of the digital account opening capability also coincides with peak stokvel account opening season, as January through March every year typically sees the highest volume of new stokvel account registrations. “The timing is deliberate,” explains Johnson. “This is when people are thinking about starting and joining stokvels. By removing the logistical hurdle of coordinating branch visits, we’re making it much easier for people to take that first step of opening their stokvel account with a trusted financial institution.”
“The FNB Stokvels digital account has long proven effective in addressing the critical challenges of theft of funds, lack of transparency and cash handling risks that many stokvels previously faced,” concludes Parbhoo. “With this enhancement, FNB has created a comprehensive digital ecosystem for stokvels making them safe, easy and secure from start to payout every year.”
To open your stokvel account digitally, download the FNB App or visit www.fnb.co.za
