Is Whatsapp Stokvel Legal In South Africa

WhatsApp stokvels expose how Ponzi participants more likely to defraud employers Melitta Ngalonulu Moneyweb The workplace is a fertile hunting ground for dodgy get-rich-quick schemes. Below is a video of some scam that has been happening over the world through WhatsApp.

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Unsuspecting victims of the scheme are duped into believing that its a genuine saving vehicle.

Is whatsapp stokvel legal in south africa. THE WhatsApp Stokvel group that has been doing the rounds in the community is a pyramid scheme this according to the National Stokvel Association of South Africa Nasasa. A new scam is doing the rounds on WhatsApp in South Africa promising R1000 in returns for a R200 investment. The Whatsapp stokvel is back but with a new name.

It is for this very reason the fact that not everyone who joins the pyramid scheme will get to make a profit that pyramid schemes are illegal in many countries including here in south Africa. Unlike in the US where the freedom of speech laws are more relaxed in South Africa freedom of speech has its own consequences She warns that people can expect heavier restrictions one the Protection of Personal Information PoPI Act comes into effect. Residents who spoke to the Gazette said the first few people who deposited their R200 had received a pay-out.

In the following video Nicolette looks at Whatsapp stokvels and shares her thoughts. WhatsApp messages doing the rounds are encouraging people to invest in a stokvel for R1000 and hope to make huge profits R6000in less than. Unemployed and lured by the promise of quick growth on a small cash outlay Bathabile Zondi is one of many South Africans who have fallen victim to mushrooming WhatsApp stokvels.

WhatsApp Stokvel 2019 Ethekwini. The joining fee for the stokvel. It holds an estimated R495 billion in member savings and has some 116 million participants.

In fact this WhatsApp stokvel that is happening in South Africa currently has been happening all over the world already it is just that these scammers are only taking advantage of these only now. WhatsApp stokvel Facebook Screenshot Chrishenda Thomas A new WhatsApp Stokvel Group has taken South Africa by storm. Open a stokvel account to start saving as a group and get exclusive benefits such as funeral cover and discounts at selected storesOpen a stokvel account to start saving as a group and get exclusive benefits such as funeral cover and discounts at selected stores.

The scam operates as. The Bank of Namibia has said members of the public should stop participating in the R200 WhatsApp Stokvel with immediate effect or risk being fined N1 million or sent to jail or both. The National Stokvel Association of SA Nasasa has warned South Africans that WhatsApp stokvels are most likely to be pyramid schemes rather than genuine savings vehicles and those who have joined them have probably been scammed.

Did you join a WhatsApp Stokvel. Really stokvel no scam come and join than thank me later. The National Stokvel Association of South Africa Nasasa is warning that WhatsApp stokvels are more likely to be pyramid schemes than genuine savings vehicles.

The National Stokvel Association South Africa Nasasa has warned people not to fall for the latest WhatsApp scheme which has been doing the rounds. The South African stokvel sector is massive and controls vast financial resources. WhatsApp stokvels are all the buzz at the moment.

The scam operates as a purported savings club or. It starts with a promise that if you invest R1000 youre likely to end up with a R6000 payout but many think it will end in tears.