WhatsApp Stokvel

Staff Writer The Bank of Namibia (BoN) has finally declared WhatsApp Stokvel illegal following an investigation into their operations. The announcement by the central bank comes amid growing popularity of WhatsApp Stokvel as a means of making additional income. According to the central bank, the operations of the WhatsApp Stokvel are similar to that of a pyramid scheme and thus violating the country’s banking laws. “The outcome of the investigation carried out has revealed that the business activities of the N$200 WhatsApp Stokvel constitute a pyramid scheme, and therefore, N$200 WhatsApp Stokvel is in contravention of section 55 (A) of…

Staff Writer The Bank of Namibia (BoN) says it is still investigating whether the trending WhatsApp Stokvel are legal under the existing country’s banking laws. This comes as Namibians have been joining the stokvels as a means of making additional income under the harsh economic conditions persisting in the country. “Recently, the Bank has picked up a trending WhatsApp Stokvel, which it is assessing to determine whether it is permissible under the relevant provisions of the Banking Institutions Act of 1998, as amended,” BoN’s Deputy Director: Corporate Communications, Kazembire Zemburuka told the Windhoek Observer. He said the current laws does…