Finances

Dangers To Look Out For Before Joining Any WhatsApp Stokvel

Dangers To Look Out For Before Joining Any WhatsApp Stokvel. From the nationwide MMM global social financial network to “WhatsApp group stokvels”, the amount of people who lose large amounts of money is increasing, yet people continue with it and have not learnt their lesson.

The WhatsApp Stokvel is the latest money making trend. The stokvel is operated by inviting existing members to pay R200 and recruit more members to do the same. All of this with th promise of earning up to R1 2000 based on how many people join the group at your request.

The National Stokvel Association of SA (Nasasa) has warned people against the scheme, comparing it to pyramid schemes which have no underlying investments to generate returns for investors, and collapse when the recruitment of new members cannot be maintained. 

Before joining look out for these signs;

  • The stokvels’ success relies mainly on recruiting new members.
  • Once the money is deposited, there is radio silence from the other end.
  • Strangers come together and you don’t know who you are joining. It is a faceless operation, and your money can just disappear.
  • When members don’t know each other they don’t feel responsible for each other.
  • When people who get paid out decide not to rejoin again, those who paid last might lose all their money and that’s what happens in a pyramid scheme.
  • Just like some pyramids out there, members don’t reap the same benefits. Some are even left with nothing after investing.

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