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Busi Skenjana- Founder Of Stokvel Academy

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A new scam is doing the rounds on WhatsApp in South Africa, promising R1,000 in returns for a R200 ‘investment’.The scam operates as a purported ‘savings club’ or stokvel, where users join the club with R200 and are encouraged to invite as many other people to join as possible.By recruiting more members, your ‘name’ climbs up the list to get paid out R1,200. Users can then re-join with R200 and enjoy ‘profits’ of R1,000.The scam operates like a typical pyramid scheme, and the National Stokvel Association of South Africa (Nasasa) has sent out official notice warning people to steer clear of it.The association said that fraudsters were using social media as a channel to lure in victims under the guise of being saving schemes, but they were simply scams.
9 Oct 2019 8AM English South Africa Business News · Investing

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