Company Information

Get to know United African Stokvel

United African Stokvel marketed itself as a modern, digital stokvel that allowed members to pool their funds for investment purposes, promising exceptionally high and unrealistic returns of up to 48% per annum. The company attracted members by claiming to be a legitimate financial services provider. However, an investigation by South Africa's Financial Sector Conduct Authority (FSCA) found it to be operating an illegal deposit-taking scheme with characteristics of a Ponzi scheme. The FSCA issued public warnings against the company and, following a successful application to the High Court, the company was placed into final liquidation in February 2022.

Industry

Financial InvestmentPRIMARY
Financial Other Service

Contact

Social

Company hasn't updated its information.

THIS SERVICE IS NOT AVAILABLE IN YOUR REGION

United African Stokvel

South Africa

Founded in

2019 (7 Years)

Founded

Last online: No recent activity

Claim company

TrustScore unavailableNot enough score to display the trend.

Be the first to rate and review this company.

OVERALL SCORE

Others

--/10

Reviews

--/90

0 reviews

Provided by TrustFinance

TrustScore unavailableNot enough score to display the trend.

Be the first to rate and review this company.

TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.

Markets.com

(326 reviews)

United States

2008

(18 years)

Security Information :

FSCA

Security Information

Warning

This company is currently Unproved.

Please be cautious of the potential risks!

License

A Grade License

Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.

B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.