WhatsApp Stokvels in South Africa

All You Need to Know About WhatsApp Stokvels in South Africa

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WhatsApp Stokvels are back in South Africa, but they are still illegal and scamming people. WhatsApp stokvels became a buzz last year on social media where people were creating WhatsApp groups inviting others to join and invest R200 and receive a payout of R1000 after a few days.

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This time, WhatsApp Stokvels start with a promise that if you invest R1000, you’re likely to end up with a R6000 payout.However, many people think it’s a pyramid scheme and that some people will end in tears.

The National Stokvel Association of South Africa (NASASA) last year warned against WhatsApp stokvels, saying they are most likely pyramid schemes and those who have joined them have probably been scammed. This comes after people lost hundreds of rands by joining stokvels with anonymous administrators.

According to a report by EWN, victims would join a WhatsApp group after they made the R200 payment, only to see the group administrator disappear, with no further word on their money.

How Does WhatsApp Stokvels Work?

This is how WhatsApp Stokvels work. People are recruited to join a WhatsApp stokvel group (using a WhatsApp chat group) by paying a joining fee of R1000 in order to be added to the group. In order to receive a R6000 payout, they tell you to recruit two or more people to join the group.

Listen to the audio below to find out why these stokvels are not lawful and how to avoid getting scammed.

Image Courtesy: inc.com

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