Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine
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 contact of the firm’s app users.
Sokoloan is one of many online lending platforms that send blackmail messages to their users’ contacts, 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.
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