CROWD-FUNDING, when a group of people form a stokvel, has become extremely popular among young people.
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 group stokvel has an administration person who recruits group members, charging them an administration fee ranging from between R150 to R1 000.
Once the person has paid the fee they are told to bid an amount they can afford that day. Once the list of bidding money is displayed on the group chat, a name is selected and whoever bids on the amount requested by the number selected for the day, that bidder has to deposit the money into the bank account of the person who requested it and the bidding rolls over to the next day.
However, many members have complained about these stokvels saying they haven’t received their money.
On Thursday a lady from a group of church members told the Fever she is tired of these stokvels and wants her money.
The woman, who wants to remain anonymous, said she deposited money on 16 June into one of the “stokvel” members bank account and was told that in 48 hours she would have the money, plus interest deposited back into her account, however, until now she hasn’t received anything.
“I am really disappointed by what is happening in my stokvel group.
“The first time I was asked to deposit money I did so and the second time as well and I got the money back on both occasions, but the third time I was told to make a deposit I was given an account number with the name of the stokvel group and not that of an individuals account.”
She said she waited for her money to be deposited into her account, but nothing was reflected in her account.
“I inquired from admin as to why I had not received my money and they told me I had not made a deposit, so I sent the deposit slips as proof,” she said.
It has been a week now and she hasn’t received anything and has even been blocked from the group, and warns people about these WhatsApp stokvels, saying there are not legitimate and people are merely trying to get rich off other people illegally.