Stokvels - How to Avoid Scams

Guest: Nsika Masondo is the CFO of the National Stokvel Association of South Africa, as well as the NASASA Financial Co-Operative. In South Africa, a stokvel is an invitation-only club of twelve or more people serving as a rotating credit union or saving scheme. In a Stokvel scam, fraudsters advertise the club/scheme on social media platforms. They will entice others to join by having other people, who are part of the scam, show interest and praise the club. The invite to join the Stokvel club will be on social media platforms.