– Whatsapp stokvel is back under a new name – ‘Whatsapp gifting’.
– While the name has changed, the ‘stokvel’s’ modus operandi is still the same.
– Members are expected to pay R200 and hope to receive great returns on their ‘investment’.
– And while previous versions of these have existed before, it is likely people are being scammed – again.
The Whatsapp stokvel is back, but with a new name: ‘Whatsapp gifting’.
The National Stokvel Association of South Africa (Nasasa) is warning that WhatsApp stokvels are more likely to be pyramid schemes than genuine savings vehicles.
WhatsApp messages doing the rounds are encouraging people to invest in a stokvel for R1000 and hope to make huge profits R6000in less than two weeks.
They are 4 options that you can use to joing stovel and also encourage people to join in groups, Example: You can partner with someone else for the R1000 / 2 and you will split the returns and earn R3000 each.
Last year’s stokvel victims reported that once people would join the group and after making their payment, the group administrator would ‘disappear’ and no further word would be given about their money.
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Traditional stokvels are based on trust where everyone in the stokvel knows each other, and the terms of payout have already been set.
The Whatsapp scams often involves anonymous people, so it is impossible to track or trace the money when it disappears.
A stokvel, derived from “stock fair”, is a savings scheme where a group of people come together to save or increasing invest together.
… others appear to have fallen for it.