Stokvel
WhatsApp stokvels are back but they're still illegal & scamming people
The modus operandi is that people will be paid out by other members of the group when it is their turn on the list.
Fear spread through poor rural communities across South Africa in November when VBS, a regional bank that catered to poorer customers, collapsed.
Nombulelo Mxakana was granted R1,000 bail when she appeared in the Humansdorp Magistrates Court on Thursday, a day after she was arrested.
Officers say that three armed men stormed into a house on Sunday and robbed 25 women of their cash and other valuables.
According to incidents reported to Sabric between 2014 and December this year, 53 stokvel robberies were reported with 77% of these incidents having taken place during the festive period.
South Africa is plagued by high levels of unemployment, a poor education system and staggering income inequality.
Tshepo Moloi, founder of StokFella, an app that simplifies recordkeeping, planning meetings and governance of stokvels.
National Stokvels Association of South Africa’s Andile Mazwai was interviewed by the Money Show’s Bruce Whitfield on stokvels in SA.
Old Mutual’s Tembisa Mapukata says stokvels and the burial industry are able to make billions and ultimately benefit people.
The suspects fled empty-handed as they were interrupted by neighbours who heard the gun shots.