The National Stokvel Association of SA (NASASA) is
cautioning South Africans on the emergence of a so-called "Whatsapp
The National Stokvel Association of SA (NASASA) is cautioning South Africans on the emergence of a so-called "Whatsapp Stokvel".
The so-called stokvel promises high returns to those paying R200 in order to enter these groups.
The scheme has gained popularity on social media with some claiming to have received profits from their initial investment.
However, chairperson of NASASA, Andrew Lukhele, says it is not logical to expect a traditional stokvel system to give such high returns in a short-time time.
"The recent development is very worrying to us as an association. Remember stokvels have come a long way from police harassment and all these troubles they have encountered in the past."
"I think the time has come for those people behind these whatsapp stokvels to justify their existence. In the absence of them, we can only conclude that these schemes are pyramid schemes," warns Lukhele.
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