WhatsApp stokvel is back with a bang!
The WhatsApp stokvel has made a come back and some people are losing their money.
A well known pyramid scheme known as the WhatsApp gifting/stokvel has scammed a lot of people.
People who fall for this are the people who join under the impression of making money quickly.
This money-making scheme is said to start with as little as R20 and make triple of your investment.
Yoliswa Ngwenya who has joined the scheme says she has made R2400 and is still making more money. “You invest R200 and get back R1200. The important thing is to recruit,” she says.
If your name is on the top you get the money and the cycle continues. However, whenever are broke we pause and continue once everyone has money, Ngwenya explained.
Bongiwe Phewa who joined the WhatsApp gifting and never received her money, says everyone left the group and that was the end of it.
“I would advice people to not join these kinds of things because the person who benefits is the one who started the group,” she said.
The public has been warned to not join WhatsApp gifting because it is classified as a pyramid scheme, as schemes are illegal and unsustainable.