WhatsApp stokvels – Don’t get caught in the scam

The National Stokvel Association of SA (Nasasa) has warned people not to fall for the “quick buck” WhatsApp stokvels scam.

According to a media report the scam operates as an alleged ‘savings club’ or stokvel, where users join the club with R200 and are encouraged to invite as many other people as possible to join. Andrew Lukhele, founder and chairperson of Nasasa, commented that it looks like a pyramid scheme.

In an ENCA interview, Lukhele said trust is important to forming stokvels. “If you join an existing stokvel, chances are that you need to be recommended by someone to be a member so I can’t join a stokvel in Germiston of people I don’t know,” said Lukhele. “So all these characteristics that I have highlighted are absent in the WhatsApp stokvel. So the people who contributed, the depositors are faceless. The people recruiting the people are also faceless, so how sustainable can this be?”.

Click here to view the ENCA interview.

Click here to read the Timeslive report.

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