Stokvel members are urged to remain vigilant this festive season as they face increased risks to their savings.
Cebile Magongo , Strategic Business Manager, FNB Cash Investments said that since October 2023, they have observed 35% year-on-year growth in the number ofare used for a variety of reasons. These funds are used for groceries, school fees, stationery, to help family and friends, and they are also used for holidays," Magongo said.is beneficial and offers numerous financial and social benefits, it also poses risks as group members can become key targets for criminals.
groups and members should be vigilant against fraudsters and criminals who are waiting to scam and rob them of their- Avoid cash withdrawals and make sure that all payments are processed through safe digital channels. This will not only safeguard their money but will also allow- Don't carry or travel with large sums of money during this peak season, if you have to travel then consider doing so in a big group.
- Instead of withdrawing all of your the funds at the same time, consider staggering the withdrawals on different days to ensure that your contributions are safe.- Avoid making cash withdrawals of club members’ contributions on high-risk days like the end of the month, or the day before the big holidays.
Withdrawals Stokvels Stokvel Members Fnb Cash Investments Growth Cebile Magongo Stokvel Iol Business Financial Safety Festive Season Tips Collective Savings Stokvel Fraud Prevention South African Savings Groups
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South African Ladies Show Off Stokvel Groceries, Leave Mzansi ImpressedSouth African women showed off their stokvel groceries in a TikTok video. The clip went viral on social media, leaving many people in Mzansi impressed.
Read more »
King Charles ‘urged’ to ignore Prince Harry’s phone callsKing Charles reportedly 'urged' to ignore Prince Harry's phone calls in order to remain 'stress free' amid cancer diagnosis.
Read more »
Gauteng parents urged to vigilantly monitor what children buy & consume from spaza shopsThis follows numerous child deaths across the province over what’s believed to be food contamination.
Read more »
Harmonisation of legislation urged to curb illegal miningIllegal mining costs South Africa R70 billion annually, with slow progress in tackling abandoned mines and crime.
Read more »
Community urged to report illegal structures in SinovilleBreaking local news in Pretoria
Read more »
South Africans Urged to Prioritise US Business Plans Before Donald Trump’s Inauguration as PresidentThe SA Chamber of Commerce's President has urged South Africans to finalise any plans they had for business in the US before Donald Trump takes over.
Read more »