Xhantela held it’s annual Year-End Shisa Nyama at Walter Sisulu square on 10 December 2022. This simple yet mouth-watering occasion has become a tradition over the last eight years of Xhantela’s existance. Even some of our earliest tweets have pictures of these gatherings.
At this year’s function a realisation dawned on me: Xhantela must be the only financial services institution where the clients arrange a year-end party for themselves and the company staff.
Spending more time together than we usually do in our weekly meetings, these occasions make for good conversations and stronger bonds to be formed. The love and appreciation built on simple values of trust and respect really become visible.
Why is this significant?
Before forming Xhantela, I conducted academic research in the townships around Johannesburg into the feasibility of the lending model pioneered by the Grameen Bank of Bangladesh. This research was part of my MBA, but also sought to understand why the group-based lending model hadn’t taken hold in South Africa – even though we have Stokvels and other similar “products” as part of our heritage.
The “in-field” research focused on assessing the strength of the two main pillars required for group-based business lending:
- Entrepreneurial propensity
- Social Capital (the social bonds and networks between individuals)
Contrary to all predictions, the research found that the social capital (i.e. the level of trust and bonds between individuals) in South African townships was very weak. Very encouragingly, it also found that South Africa had great entrepreneurial propensity in its townships.
The conclusion of the study was that the lending model (now utilised by Xhantela) was feasible in South Africa, however that care and attention would need to be invested to grow the social capital in the process. Time should be taken to build trust and relationships within communities.
Back to the shisa nyama
What is truly interesting about the Year-End Shisa Nyamas we have had since 2014 is the fact that we as Xhantela never initiated this tradition. It was something that the members started and that have stood the test of time. It remains a joyous occasion where jokes are made and friendships celebrated.
As a complete outsider – an Afrikaans man from the suburbs – the friendship, love and appreciation I shared with our members on Saturday is something truly remarkable. It is tangible proof that the flame of our miracle nation is still alive.