A new online and video-based study by market research specialist Ipsos has revealed that South Africa’s R50bn Stokvel sector made up of more than 800,000 Stokvel groups and 11-million members is a vast network of dynamic ‘human banks’ in the South African economy.
A case of fraud is being investigated by the police in respect of United Africa Stokvel, the digital stokvel platform that has allegedly defrauded hundreds of people across South Africa and neighbouring countries out of their investments.
An investigation by the Financial Sector Conduct Authority into the United African Stokvel allegedly saw South Africans across the country being conned out of their hard-earned cash.