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Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine (41317 Views)

Sokoloan Are Very Nasty Set Of People, The Government Should Take Action (photo) / Stay Away From Lcredit, They Are Worst Than Sokoloan / How I Got Badly Disgraced By Sokoloan (2) (3) (4)

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Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by donmixc: 10:15am On Oct 30, 2021
grin
Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by airsaylongcome: 10:18am On Oct 30, 2021
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.

Where they stealing? They are a loan shark business. Pay day lenders. They were doing legit business. My problem with soko loan was how they bombarded people with multiple sms. People that were not party to the loan

11 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by airsaylongcome: 10:19am On Oct 30, 2021
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 undecided

How? By disturbing people that were not aware that someone took a loan? Small business owners were being bombarded with sms simply because some soko loan customer had their contact to buy a shoe

10 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by Josepholuwaseun: 10:20am On Oct 30, 2021
Thank God ..I kuku dey owe them

5 Likes 2 Shares

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by airsaylongcome: 10:21am On Oct 30, 2021
DAVIDMOE:
According to this report. Over 100k users 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 users borrowing ₦5k from them

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

Now let's talk the default rate. As high as 90%

2 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by Dialpad: 10:21am On Oct 30, 2021
They will simply change their name and continue business as usual.

The Nigeria agency have obviously not been 'settled', as soon as the directors do the "right thing" , you will no longer hear anything from them.

Those that understand how the Nigeria system works will understand this

3 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by Nigerialabalaba: 10:21am On Oct 30, 2021
Victims of Sokoloan bawo? Dem collect loan dem no pay and you still dey call the fraudsters wey defraud sokolan yeye victims. Abeg, dis writer na joker

3 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by toujurs: 10:23am On Oct 30, 2021
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 undecided
Walaihi, you just said my mind, most Nigerians are criminals, how can a right thinking individual take a loan without thinking of how to pay. That's wickedness. Am very sure they must have borrowed from their family members without paying back, that's why they resulted to borrowing from the app because non of their family members were willing to render help to a bad debtor

3 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by Omoluabi16(m): 10:23am On Oct 30, 2021
While I wholeheartedly condemn their debt recovery method and lending policy, I sympathize with them. Some people simply will not pay their debts.. no matter how little. Na you go start to beg on top your own money. Usually ends in quarrel. They will dare you to do your worst.
These Loan agencies will not work in a Nigeria environment where lack is rife. They better re-strategize and start collecting some real collateral, because some Nigerians get coconut head.
Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by Annie001: 10:24am On Oct 30, 2021
Nairalanders create thread on top a loan company and you expect them not to shut down grin
Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by Cyoung4real(m): 10:25am On Oct 30, 2021
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.


Steal and tarnish people's image Alaye why person go borrow money and refuse to pay it back? Nawa for us in Naija,ooo. Them no force you to come borrow money but after borrowing, una go come hear they open mumu thread because they are finding a way to get their money back.

3 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by SavageResponse(m): 10:25am On Oct 30, 2021
A business that Nigerian debtors cannot crash does not exist!

4 Likes 1 Share

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by adenigga(m): 10:26am On Oct 30, 2021
thesicilian:
They're are closing up shop because of just 10m fine?

''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.''

Please, reread the thread and comprehends the message.

Especially the above quoted lines.
Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by Angelfrost(m): 10:26am On Oct 30, 2021
"...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’ contacts."


This right here is just wrong and unprofessional especially the part in bold... Pure invasion of privacy.

4 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by adonainana: 10:26am On Oct 30, 2021
I blame the company to start with

You came to the poverty capital of the whole entire world

Not to build a luxury hotel so rich politicians can be coming to spend money for you ooo

But to come and borrow money to citizens of a country which have the poorest of people living in it

Like how does that even make any sense

A poor man has no credit rating, even in more devoloped climates where there are credit scores you still trend with extreme care


Now the people you borrowed your hard earned money want to take you to court for you wanting your money back by force lol and intruding thier privacy

Reminds me of one foreign company like that that wanted to come to Nigeria to start a bicycle riding scheme and the reply to them was you come to Nigeria with capital you leave after 1 year with sense

After hospitality and haulage and logistics and the normal fuel subsidy importation or machinery importation / importing used cars into Nigeria to come and sell as new ones to Nigerians, there is no other business any foreign company can do in Nigeria and not cry out and regret

Been there done it so this is from experience

Imagine coming to Nigeria to borrow Nigerians money and expecting it back and most of this people have bank accounts, why didn’t you ask why Nigerian banks can’t easily lend to them before they came to download your app

6 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by airsaylongcome: 10:26am On Oct 30, 2021
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.

The customer authorised Soko loan to collect data. But soko loan did not get authorisation from the owners of that data. That is where they are in breach

3 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by MrFollowFollow(m): 10:27am On Oct 30, 2021
This news is most likely false

1 Like

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by generalwo(m): 10:28am On Oct 30, 2021
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 accounts of defaulters in the event that a customer clearly doesn't want to pay?
.....there are other companies like fair money and quick check.... People owe them too but they recover their money without sending stupid messages to people's contacts..... Soko loan and other 7 days loan apps should adopt those methods and they will know peace

8 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by ruggedtimi(m): 10:30am On Oct 30, 2021
Debtors now dancing awilo
Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by generalwo(m): 10:30am On Oct 30, 2021
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.
..... Say only what you know... How is their action authorized by the client? Upon registration, they tell you that your contacts will be accessed for the purpose of evaluating your credit worthiness... They never tell you that your contacts will be messaged when you default... So where is the authorization there? Is there anyone who will borrow money knowing fully well that in the event of a default, he will be tagged a criminal?

8 Likes 3 Shares

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by vikyno(m): 10:31am On Oct 30, 2021
The experience is terrible. It happened to me recently. The trauma is out of this world.
My father almost collapsed when he got the message.
All because of a loan that is barely 5 hours overdue.

12 Likes 2 Shares

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by joyandfaith: 10:31am On Oct 30, 2021
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.

There are different way of loan recovery. There is even cbn standing order on loan recovery. Most firms have not subscribed to it, though. They just prefer crude methods of recovering loans because some Nigerians are docile to fight for their right. There are loan defaulters worldwide. There is even provision for bad debt.

5 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by DaRenewed(m): 10:31am On Oct 30, 2021
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Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by TheWolfen(m): 10:31am On Oct 30, 2021
Good
Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by Born2conquer: 10:32am On Oct 30, 2021
DAVIDMOE:
According to this report. Over 100k users 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 users borrowing ₦5k from them

This people make too much money to just shut down because of ₦10million fine.
How many of the 100k users paid back the debt??

5 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by kolakolex: 10:32am On Oct 30, 2021
danniyal:

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?

Its extremely madness. Why will someone borrow money and put me as guarantor without my consent and another fool will call me to tell me to disturb my life about a transaction I was never part of ?
They should restructure and find a better way to get their money.

1 Like

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by booblacain(m): 10:32am On Oct 30, 2021
DAVIDMOE:
According to this report. Over 100k users 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 users borrowing ₦5k from them

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

you mean 100k defaulters gave them bad reviews.

1 Like

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by MrFollowFollow(m): 10:32am On Oct 30, 2021
SpeakOutNaija:
[b][/b]

Victims should seek to be joined 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
Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by 9japride(m): 10:33am On Oct 30, 2021
Why will they shut down? Just because of 10m. I am very sure they made more profit from their system. All they need is to present their worries to government, so that government can find a way of persecuting those that chop and clean mouth.

2 Likes

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by vikyno(m): 10:33am On Oct 30, 2021
generalwo:
..... Say only what you know... How is their action authorized by the client? Upon registration, they tell you that your contacts will be accessed for the purpose of evaluating your credit worthiness... They never tell you that your contacts will be messaged when you default... So where is the authorization there? Is there anyone who will borrow money knowing fully well that in the event of a default, he will be tagged a criminal?
Thats the problem we have with an average Nigerian. We don't know our rights.

5 Likes 1 Share

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by MrFollowFollow(m): 10:33am On Oct 30, 2021
Born2conquer:

How many of the 100k users paid back the debt??

Don't mind the fo0l

1 Like

Re: Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine by MrFollowFollow(m): 10:34am On Oct 30, 2021
vikyno:

Thats the problem we have with an average Nigerian. We don't know our rights.

If a debtor has a loan that is long overdue and he willfully becomes incommunicado he has no basis to talk about rights!

1 Like

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