WhatsApp stokvels are all the buzz at the moment. It starts with a promise that if you invest R1000, you're likely to end up with a R6000 payout but many think "it will end in tears."
File Image: Reuters
WhatsApp stokvels are all the buzz at the moment. It starts with a promise that if you invest R1000, you're likely to end up with a R6000 payout but many think "it will end in tears." File Image: Reuters

'Make R6000 now, ask me how' : WhatsApp stokvel goes viral

By Se-Anne Rall Time of article published Jul 1, 2020

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Durban - WhatsApp stokvels are all the buzz at the moment. It starts with a promise that if you invest R1000, you're likely to end up with a R6000 payout but many think it's nothing more than elaborate pyramid scheme that will end in tears. 

Last year, the The National Stokvel Association of SA warned against WhatsApp stokvels, saying they are most likely pyramid schemes and those who have joined them have probably been scammed. 

According to a report, last year's stokvel wanted people to part with their R200s in exchange for a payout of R1000.

EWN further reported that once people would join the group and after making their payment, the group administrator would 'disappear' and no further word would be given about their money. 

According to Nasasa, scammers were using this as a means to take advantage of people. 

Like most pyramid schemes, the first few to join received a pay-out, but those who followed often lost all their money.  

It didn't take Twitter long to catch on to the trend and this is the Twitterratti had to say...

The Mercury  

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