Africa-Press – South-Africa. Nedbank has blocked the accounts of United African Stokvel (UASV) after a number of clients complained that the company had stopped paying out funds and essentially shut down communications.
This week, the embattled online investment company sent emails to some of its members saying the bank had suspended its banking services.
“While a blocked account can still receive funds, the account owners will not be able to access any of the money in it,” it said.
UASV has not replied to any requests for comment from News24.
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.
But it stopped making regular payments 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.
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