Indigenising Informal Financial Mechanism (IFM) of Rural Women in the Northern Region of Kwazulu-Natal, South Africa

There is little documentation of umholiswano from local people's perspective, as local knowledge has evolved with time. A phenomenology research design outlined the attributes and their meaningful value as perceived by local communities. 65 participants participated in a series of focus group discussions and complemented six key informant interviews. Umholiswano (stokvel) is an indigenous concept that has been part of the life of many indigenous communities before the money era. It was used as a mechanism to achieve social justice, establish peace and create socio-economic balance toward improved well-being. In this study, umholiswano is a household financial planning and management tool, saving/investment system, a social-cohesion-nurturing and therapeutic mechanism founded on six core value principles (6CVPs), such as ubuntu, trust, solidarity, dignity preservation of social wealth and ukudlala (fun). Most key players are women, and umholiswano is regarded as the 21st livestock for women. The majority are in the economically active age group but lack the skills to enter the formal economy. They rely on social grants and entrepreneurship activities. Umholiswano is undervalued as an economic strategy, nevertheless, its significant contribution to the quality of life of rural women is observable. But, there is an existing gap for a quantifiable tool to assess the umholiswano's contribution, as the measurability should start by identifying indicators designed "with people and for the people" and the above six core value principles identified in the study could be set as a guiding framework towards indicators development.