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 fact that there’s disguising🙄 should be suspect. As long there’s still that heavy dependency on recruits, can flag it under pyramid not legal stokvel...
— Palesa Lengolo (@pale_lengolo) July 1, 2020
Stokvel used to be a good kasi initiative until wolves joined the flock!! pic.twitter.com/JZbOASvtqs
— Vigii7784 (@Vigii7) July 1, 2020
WhatsApp Stokvel now being called Whatsapp Gifting 😭😭😭😂🤦♀️
— Ms CONSTANCE (@ConstanceSaal) July 1, 2020
I still cannot believe people went from calling a WhatsApp Stokvel, WhatsApp Gifting to make it sound glamorous as if it's not the same thing... It Will Still End In Tears🤦
— 𝗟𝗲 𝗦𝘂𝗽𝗲𝗿 (@Oatlegile_KM) July 1, 2020
An elaborate scam with the certainty that someone will lose all their money.
— Yusuf (@Yuesie) June 30, 2020
They tell you that whatsapp stokvel is like every investment or business move , there's risk.. masepa 🤣🤣🤣 https://t.co/tbSJnKmuss