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Religious financial services: what could possible go wrong?

Religious financial services: what could possible go wrong?

Religious leaders in South Africa are increasingly being used to promote financial products.

And guess what – some of the products stink to high heaven.

According to this report, Eckhard Volker, Managing Director of Integrated Forensic Accounting Services, claimed that the involvement of religious leaders was a “problem”.

This is a problem because people completely trust their pastors. They take whatever their pastors tell them as absolute proof.

The South African Reserve Bank (SARB) recently launched a campaign to raise awareness among the public about different methods used by scam artists to defraud them. It said that the word of religious leaders, and recommendations by friends and family are often used as proof of credibility.

One credit provider, Stream Knowledge Finance, offered loans to consumers without conducting any credit checks. After viewing its application form, Volker said it was consistent with the characteristics associated with a “419 scam” or a “Nigerian Letter” scam.

I believe this to be an example of what is referred to as ‘advance fee fraud’, where the applicant would be required to make some type of advanced payment for the loan to be ‘released’, probably again and again.

The application form is signed off by “Rev Joe Stewart”. Volker said that the use of the word “reverend” is misused to give an applicant a false sense of comfort.

This suggests that they are dealing with a person of integrity and high moral fibre, when the exact opposite might apply.

He added that it was unusual that a reverend would hold the position of head of a loan department.

But Stewart, the head of the loan department at Stream Knowledge Finance,insisted that it was not a scam.

It is not possible for us to be a scam, we are registered with the National Credit Regulator (NCR).

13 responses to “Religious financial services: what could possible go wrong?”

  1. 1859 says:

    Well, if you can believe in virgin births, resurrections,miracles and all the psychological brouhaha of religion, then of course, why wouldn’t you believe that you are borrowing money from a genuinely ‘holy’ man? It’s just another link in the chain of gullibility that invisibly hangs around believer’s necks.

  2. barriejohn says:

    This is a problem because people completely trust their pastors. They take whatever their pastors tell them as absolute proof.

    https://www.today.ng/news/metro/186115/pastor-arraigned-alleged-theft-n10million-jewellery

    Ndukwe had asked the complainant, Ifeoma Isiuwa, to bring all her jewelry valued at N10million for her to commence prayers on behalf of Isiuwa.

    As you would.

  3. RussellW says:

    Religion is such a nice little earner, the supply of sheep to be fleeced seems to be endless.

  4. AgentCormac says:

    Well, they say that a fool and his money are soon parted. And we all know what most religiots are.

  5. H3r3tic says:

    If they can’t fuck you physically they’ll fuck you financially.

  6. L.Long says:

    Remember ALL preachers are LIARS!!!!
    And you would know this easy if not for the years of brainwashing you went thru!

  7. Broga says:

    @L. Long: And you can add to that the fact that they know they are liars. The fiction they push on the gullible offers up the sheep to be fleeced.

  8. Anyone wanna buy some fresh bush-meat or some magic albino talismans donated to charity? My supplier also has some wonderful elephant tusks and Juju masks to spare should anyone be interested. Have the clocks gone back yet? Time just flies by so quickly since meeting my African admirer (his name is Mr Robert Mugabe) on the interweb…..I do hope he doesn’t regard me as a silly old cougar, despite my advanced years (I am 106 years old, since you ask)…..

  9. Lurker111 says:

    “This is a problem because people completely trust their pastors. They take whatever their pastors tell them as absolute proof.”

    This, alas, may be a problem that provides with it its own painful solution. 🙁

  10. Brian Jordan says:

    Alas, Miss Floribunda Rose, your new admirer is a devout catholic so he wouldn’t be able to marry you in addition to his present wife – who is reputed to have spent all the money anyway.

  11. Apparently, Mugabe has just snuffed it. Whilst not necessarily morally averse to necrophilia, I think I’ll try Desmond Tutu instead–unless, of course, the old rascal is also a Catholic…..

  12. tonye says:

    Volker said: This suggests that they are dealing with a person of integrity and high moral fibre, when the exact opposite might apply.

    Now if you replace the word ‘might’ with ‘does’ in the above sentence you have a solution.

  13. 1859 says:

    “This is a problem because people completely trust their pastors. They take whatever their pastors tell them as absolute proof.”

    Hasn’t this been true of all religions – especially the large, organised ones -for the last 5000 years? Change the word ‘pastors’ to ‘prophets’, or to ‘shamans’, or to’priests’, or to ‘vicars’ and there lies the problem – people have never been told to think for themselves, reach their own conclusions, etc. Instead,they must simply believe unquestioningly what the self-appointed ‘holy’ man says.