Is Whatsapp Stokvel Legal In South Africa

The scam operates as. The National Stokvel Association South Africa Nasasa has warned people not to fall for the latest WhatsApp scheme which has been doing the rounds.

We Don T Have A Mortgage Loan With Vbs Says Samwu Https Cstu Io 86dbb0 Loans For Bad Credit Money Payday Loans

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.

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. 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. The scam operates as a purported savings club or.

The joining fee for the stokvel. WhatsApp stokvels are all the buzz at the moment. 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 South African stokvel sector is massive and controls vast financial resources. The Whatsapp stokvel is back but with a new name. Residents who spoke to the Gazette said the first few people who deposited their R200 had received a pay-out.

Really stokvel no scam come and join than thank me later. A new scam is doing the rounds on WhatsApp in South Africa promising R1000 in returns for a R200 investment. 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.

WhatsApp stokvel Facebook Screenshot Chrishenda Thomas A new WhatsApp Stokvel Group has taken South Africa by storm. 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. In the following video Nicolette looks at Whatsapp stokvels and shares her thoughts.

The National Stokvel Association of South Africa Nasasa is warning that WhatsApp stokvels are more likely to be pyramid schemes than genuine savings vehicles. 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. Below is a video of some scam that has been happening over the world through WhatsApp.

Did you join a WhatsApp Stokvel. 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. It holds an estimated R495 billion in member savings and has some 116 million participants.

Unsuspecting victims of the scheme are duped into believing that its a genuine saving vehicle. WhatsApp messages doing the rounds are encouraging people to invest in a stokvel for R1000 and hope to make huge profits R6000in less than. 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.

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. WhatsApp Stokvel 2019 Ethekwini.