The stokvel, founded in 2019 in Gauteng by Darren and Shirley Lynn Langbein, sold itself as the next step in the evolution of the traditional stokvel. to members in March. Members say that the stokvel's consultants stopped answering their phones around this time.
The Financial Sector Conduct Authority raided its offices in June in a search-and-seizure operation. The financial watchdog later said that UASV had no license to operate as a financial services provider and had not applied for one. Meanwhile, the National Stokvel Association of SA said it declined United African Stokvel's membership application in 2019 as it did not fit the definition of a stokvel.
Members whose payments were cut short have also lodged over a dozen complaints against the company and its directors with the police.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month.
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