NewStats: 3,263,445 , 8,180,157 topics. Date: Thursday, 05 June 2025 at 11:13 PM 3p5j2z

By Olalekan Fakoyejo

Soko Loan Lending company, a quick credit startup, in Nigeria is on the verge of a shutdown months after the National Information Technology Development Agency (NITDA) sanctioned the firm for privacy invasion.

On August 17, 2021, the agency had released a statement informing the public that Sokoloan will be fined N10 million for invading the privacy of Nigerians after accessing their details through the of the firm’s app s.

Sokoloan is one of many online lending platforms that send blackmail messages to their s’ s, a system that has been penciled down as the major flaw of the loan app market.

NITDA had stated then that the agency will also weigh criminal charges against the directors of Sokoloan, as it liaise with the Nigerian Police Command for advise.

Ripples Nigeria can now confirm that Sokoloan has paid the N10 million fine, and the agency is looking to shutdown the firm, according to NITDA in a phone conversation with this publication.

The agency’s representative, who simply identified herself as Riba, also confirmed to Ripples Nigeria that the case was in court – this comes after this medium reported in August that Sokoloan was trying to beg its way out of the clampdown from NITDA.

Sokoloan currently has over one million s, and 137,914 reviews filled with mostly complaints of bad customer service, blackmail allegations, and the firm’s repayment issue that increases interest payment of borrowers.

Ripples Nigeria noticed that the positive reviews were filled with foreign names despite its market majorly used by Nigerians, who were mostly critical in the complaints segment of the app on Google Playstore.

NITDA is also probing 9credit, Palmcredit and other Loan apps operating in the country, as some of them have the same business model of sending unwarranted blackmail messages to their borrowers’ s.

It’s not yet known if the victims of Sokoloan will be compensated, but Riba hinted on the possibility of such action being taken.

Source: Ripples Nigeria

They're are clo shop because of just 10m fine?

Nairaland chronic debtors will be happy to hear this wonderful news

thesicilian:
They're are clo shop because of just 10m fine?

Read na. You nor go die baba

thesicilian:
They're are clo shop because of just 10m fine?

it may not be because of the fine, but they know there won't be any opportunity for them to steal and tarnish people's image again.

Reading.....

That's the only way they could recover their money from 95% criminally minded Nigerians who take loans with initial intent not to pay or default.

Criminal Nigerians

thesicilian:
They're are clo shop because of just 10m fine?

the money they have made from black mail no many reach thats why

DoggoneDogg:
Nairaland chronic debtors will be happy to hear this wonderful news



Read na. You nor go die baba

I'm surprised that as simple as my statement was, it still went right over your head. What part of that comment gave you the impression that I didn't read the article?!

Good for them. These guys are terrible.

According to this report. Over 100k s gave them a bad review. Meaning that they may have taken a loan from them.
The lowest interest this sokoloan charge is ₦3,000
So, if you do the maths, you will fined out that they made ₦300,000,000 from just 100k s borrowing ₦5k from them

This people make too much money to just shut down because of ₦10million fine.

this loan people aare way too calous person we no wan pay back no go pay

thesicilian:

I'm surprised that as simple as my statement was, it still went right over your head. What part of that comment gave you the impression that I didn't read the article?!

The part where you assumed they are shutting down "because of just N10m fine".

If you read, you'd see the part where criminal charges have been filed against their directors for invading s privacy - this is the reason for the shut down. Not the fine.

DAVIDMOE:
it may not be because of the fine, but they know there won't be any opportunity for them to steal and tarnish people's image again.

But how then does the government expect the loan apps to get their money back? Will NITDA collaborate with the commercial banks to allow automatic withdrawals from all BVN linked s of defaulters in the event that a customer clearly doesn't want to pay?

DoggoneDogg:


The part where you assumed they are shutting down "because of just N10m fine".

If you read, you'd see the part where criminal charges have been filed against their directors for invading s privacy - this is the reason for the shut down. Not the fine.

They are actually "considering" criminal charges, which may not even hold up in court considering the fact that every action the loan app is taking has been authorised by the customer, but I get your point.

I feel pity for these loan companies though, they're trying to do business in a very hostile environment (from both the government and customers). Government should make it easy for them to get their monies back without them having to harass the customers.

thesicilian:

They are actually "considering" criminal charges, which may not even hold up in court considering the fact that every action the loan app is taking has been authorised by the customer, but I get your point.

I feel pity for these loan companies though, they're trying to do business in a very hostile environment (from both the government and customers). Government should make it easy for them to get their monies back without them having to harass the customers.

Government wey be onigbese go help creditor tackle onigbese like am

DoggoneDogg:
By Olalekan Fakoyejo

It’s not yet known if the victims of Sokoloan will be compensated, but Riba hinted on the possibility of such action being taken.
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Victims should seek to be ed in the suit and they will cash out big from the fine.

N10m fine is no small money, it should be shared among the victims cos they were the causalities and not the agency. Some victims I personally know are still coping with depression as a result of the humiliations

thesicilian:

But how then does the government expect the loan apps to get their money back? Will NITDA collaborate with the commercial banks to allow automatic withdrawals from all BVN linked s of defaulters in the event that a customer clearly doesn't want to pay?

They should have a better way to get their money instead of that messages they send. defaming their s is very rude.
When it comes to withdrawing from their defaulters linked . They do that. however, they resort to defamation when they can't find money in the linked .

DAVIDMOE:
They should have a better way to get their money instead of that messages they send. defaming their s is very rude.
When it comes to withdrawing from their defaulters linked . They do that. however, they resort to defamation when they can't find money in the linked .

They even go as far as adding/demanding daily default charges and still defame

murphyibiam15:
That's the only way they could recover their money from 95% criminally minded Nigerians who take loans with initial intent not to pay or default.

Criminal Nigerians

So to disturb and go into the privacy of people who do not owe them is right? They are the real criminals. Ten million is even small.

thesicilian:

But how then does the government expect the loan apps to get their money back? Will NITDA collaborate with the commercial banks to allow automatic withdrawals from all BVN linked s of defaulters in the event that a customer clearly doesn't want to pay?

Is it by going to other people's privacy they can get their loan back? They do not have good plan at all. Just this october they called me that somebody was owing and that I am a guarantor. I do not know who took loan from them.

They have a flawed business model.
Most Nigerians on their part do not like repaying debt. Selfish and wicked lots.

See many of them on this thread jubilating sokoloan is shutting down but they fail to realize that business closure such as this will result to loss of jobs and ultimately, loss of revenue for the government because a closed business will not pay tax. At the end, we need to ask ourselves salient questions.

Who is on the losing side?

We need to do better as a people.

Good news. Also jail the owners of this miserable loan sharks and teach them a lesson and to show these so many businesses in Nigeria under the guise of "startups" taking advantage of the lawlessness to behave badly.

murphyibiam15:
That's the only way they could recover their money from 95% criminally minded Nigerians who take loans with initial intent not to pay or default.

Criminal Nigerians

If you don't use iron hands on Nigerians, they will take you for granted.

that's why I don't blame those aggressive loan companies, why take what you can't pay back in the first place?

it's obvious Nigerians take pride in running people's business down.

DoggoneDogg:
By Olalekan Fakoyejo


Source: Ripples Nigeria

It's part of the agreement the signed up for!!! Business model tilazident!!!

Goodnews

lkillbrokehoes:
If you don't use iron hands on Nigerians, they will take you for granted.

that's why I don't blame those aggressive loan companies, why take what you can't pay back in the first place?

it's obvious Nigerians take pride in running people's business down.

If you don't have experience with them you can't really take sides

lkillbrokehoes:
If you don't use iron hands on Nigerians, they will take you for granted.

that's why I don't blame those aggressive loan companies, why take what you can't pay back in the first place?

it's obvious Nigerians take pride in running people's business down.

Is it by force to give out loans? Is lending the only business in Nigeria?. How can you give out loans to people you don't know and without collateral then you begin to disturb people who don't know anything about the transaction in the first place. Is that not madness? Can a Nigerian try this nonsense in China?

These are the Idiots/fraudsters responsible for this nonsense

lkillbrokehoes:
If you don't use iron hands on Nigerians, they will take you for granted.

that's why I don't blame those aggressive loan companies, why take what you can't pay back in the first place?

it's obvious Nigerians take pride in running people's business down.

So, loan default is only peculiar to Nigerians? A boss got a message, alleging he stood a guarantor for the loan taker. What the heck is that
You and I know he lost his job on that
The guy is down already. Do you expect him to make concise efforts to pay He's got nothing to loose anymore naa
Modified: Please, do they their customer before reaching out to his/her s
I'm thinking it'd be from the reply they'd go sending those damning messages

DAVIDMOE:
it may not be because of the fine, but they know there won't be any opportunity for them to steal and tarnish people's image again.

People who have self respect shouldn't borrow money they can't return.

good riddance.
Disturbing random people from a debtor's and lying that they were used as guarantors is very mischievous

if you know any viable business someone can invest at least 3m and make a daily profit of 30k, me .

akintundeforgodgrace 18 @ g mail . Com