United African Stockkel members have been complaining for weeks that payments have stopped.
Soukville United African members say
- SA’s financial regulator has raided the offices of popular digital firm Stokvel.
- The FSCA says it suspects Stokvel United Africa of violating financial sector laws.
- Stokvel blamed the payment delay on loadshedding and an “unexpected backup failure”.
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SA’s financial watchdog has raided United African Stokvel’s head offices as part of an ongoing investigation into the group’s business activities.
The Financial Sector Conduct Authority (FSCA) said the search and seizure was conducted on Saturday after it received a whistleblowing report.
“The FSA will now examine the evidence, interview the parties involved and continue the investigation,” she added.
Once it concludes its investigation, the FSA said it may decide to report the matter to the police “if necessary.”
The regulator said it suspected the digital storehouse of unauthorized actions and breaches of financial sector laws.
It said Stokvel is not authorized to provide financial products or services, and has not applied for a license.
Concerned members have been flooding United African’s social media pages for weeks with complaints that payments have expired.
Members also criticized the company for not responding to their inquiries via the WhatsApp number and email address it provided for complaints. The group’s website is also offline.
The popular Stokvel, which has nearly 100,000 followers on Facebook, is trying to reassure anxious members that they will still be able to get their money out.
While acknowledging delays in payments, she said all members will receive their money once the “backlog” is completed.
In a Facebook post in May, he blamed the backlog on shedding loads, “unexpected backup failures,” and “delays in receiving funds from our investment accounts.”
“We understand our members are frustrated at the moment,” states a pinned post at the top of the group’s Facebook page.
“We understand that the delays are worrying.
“We will continue to make payments on a daily basis and we will continue to do so every day.”
United African did not immediately respond to a request for comment.
* Are you a member of United African Stokvel? Contact News24 Business at editor@fin24.com