The South African Reserve Bank (SARB) has issued a stern warning against a fraudulent WhatsApp group falsely claiming to offer daily stock recommendations in the name of Governor Lesetja Kganyago. The scam, which surfaced on social media platforms, misuses the Governor’s identity to lend credibility to its investment advice, misleading unsuspecting members.
On 16 September 2026, SARB posted a cautionary statement on its official X account, describing the WhatsApp group as fraudulent and urging the public not to join the group or share any personal or financial information. This warning was subsequently reinforced in a Facebook post by SARB, reiterating that neither the Bank nor Governor Kganyago is affiliated with any WhatsApp groups offering financial tips, stock recommendations, or investment advice.
“This is a scam,” the Reserve Bank declared in the official release. “Governor Kganyago is not affiliated with this group or any WhatsApp group offering investment advice or stock recommendations. The SARB and the Governor do not provide investment advice, stock recommendations or financial tips through WhatsApp or any other platform.”
The scam is part of a concerning trend where scammers exploit trusted public figures to gain trust and lure victims into fraudulent schemes through social media and instant messaging platforms. Authorities have noted a rise in impersonation scams targeting South Africans, often leading to significant financial losses.
Despite the clear warnings, details about the operators behind the fraudulent WhatsApp group, the extent of victims affected, or any ongoing law enforcement actions remain undisclosed. SARB has not confirmed any arrests or investigative outcomes linked to this scam at this time.
Financial experts advise the public to exercise caution with unsolicited investment advice on messaging platforms and to verify information only through official channels. Scams like these underscore the importance of digital vigilance, particularly as social media becomes a common medium for financial communication.
Cape Flats News journalists have independently verified SARB’s statements with official releases and social media posts. Readers are advised to report suspicious investment communications to the authorities and avoid engaging with unverified offers that use names of public figures without official endorsement.
Cape Flats News will continue monitoring this story and provide updates as more verified information becomes available on any investigations or additional warnings issued by SARB or related authorities.