WhatsApp stokvel – scam or clever money-maker?
As WhatsApp stokvel groups take social media by storm, a warning has been sounded that they may be a scam.
As WhatsApp stokvel groups take social media by storm, a warning has been sounded that they may be a scam.
The stokvels operated by inviting existing members to pay R200 and recruit more members to do the same.
Group administrators operated a register of who would be paid next but not all has been smooth sailing.
On Twitter, members have not held back alleging that when their turn came up, the money was not forthcoming.
I joined a group with 5 ppl, as soon as I paid R 200 they all left & i was made admin #whatsappstokvel pic.twitter.com/ZME9xyZWNU
— ♥♥ (@Mbalieh_D) October 9, 2019
One social media user said they lost thousands of rand after joining a WhatsApp stokvel.
Rekord asked the national stokvel association of SA to weigh-in on the trend.
“The WhatsApp stokvels will not last as long as they refer themselves as stokvels,” association chairman Andrew Lukhele said.
I joined and I lost R3000 😟😟 #whatsappstokvel pic.twitter.com/NQL8WGeFXb
— Bahlea👑👑 (@BahleMckay) October 9, 2019
He said the traditional stokvel members – more than 11,4 million people in the more than 800 000 groups – would rally around them as “most people benefited from them during hard times in the past”.
“For example, Sun Multiserve, Miracle 2000, Kipi, MMM, Travel Venture International and others have collapsed,” Lukhele said.
He said the publicity around the WhatsApp stokvels “tarnished” the image of traditional stokvels.
“Stokvel members have survived heavy blows in the past and thrived, this too will pass.”
READ MORE: North job-seekers beware of scam
Lukhele admitted that the younger generation was likely to shy away from traditional stokvels.
He said to regulate these bodies, members should collectively draw up the rules to govern their activities such as set the number of members allowed to join, the contributions and when such contributions should be made.
“To enhance accountability and transparency, regular meetings become very important to them,” Lukhele said.
Below are further social media posts from users about their thoughts on the WhatsApp stokvels:
Honestly, who would believe this nonesense, even transfer of a house is not even 1 month. #whatsappstockvel pic.twitter.com/85kPhjGDZs
— Chief Erican (@EricanSA) October 5, 2019
https://twitter.com/kulanicool/status/1180578838163574784
If financial freedom only costed R200, we’d all be rich…
Mara continue guys, continue! #whatsappstockvel
— Dzivhu (@justdzivhu) October 5, 2019
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