For many people who are familiar with the operations and activities of digital lending business in Nigeria, it won’t be difficiult to tell that once upon a time loan app called Sokoloan existed very powerfully on the Google Play Store and well known for its defamatory attitudes and other notorious lending activities such as sending threatening and shame messages to customers and their contact list even before expiration of loan.
The new customers who have just started using loan apps and digital lenders for borrowing instant cash might not know about this terrible app but might have seen it listed on blogs and social media and asked: What happened to Sokoloan loan app?
The simple answer is that Sokoloan was removed from Google Play Store by Play protect, an Android security system that detects and protects users from privacy infringement following series of news reports by QUICK LOAN ARENA accusing Sokoloan of gross policy violation and unethical practices of threatening, blackmailing and maligning its customers and their contact list over alleged loan defaults.
What does Sokoloan do? How Do I Borrow from Sokoloan?
Sokoloan is a simple, entirely online lending platform that provides short-term loans in Nigeria to help cover unexpected expenses and urgent cash needs. Before it was banned, you can apply for a Sokoloan loan 24 hours a day, 7 days a week through their quick application process that lets you know your status within minutes.
What Company Owns Sokoloan?
Sokoloan is owned and managed by Soko Lending Company Ltd in Nigeria, which has also been accused of breach of data privacy of its customers and their contacts list. The company is owned by some Chinese allies who portray the attitude of defaming Nigerians barely days after their loan tenure without providing additional extension or grace period.
Is Sokoloan still functioning?
Google has banned Sokoloan from its Play Store after the Federal Competition and Consumer Protection Commission (FCCPC) clampdown on their operation in Lagos State, following QUICK LOAN ARENA damning report against Sokoloan indicting the app of threatening customers and violating their rights to privacy
Is Sokoloan Loan App Legit? Or is it a fake loan app?
Sokoloan loan app is not legit or genuine by any means. The app is one of the most notorious fake loan apps in the quick loan industry, with the scammy habit of sending threatening and defamatory messages to customers and their contact list. When you take a loan with Sokoloan, it would start sending messages to your contacts, friends, and families threatening them to ask you to pay back your loan.
Sokoloan App Download
Sokoloan app has been banned by Nigerian government and removed from Google Play Store. As a result, there’s no other option for you to download the loan app from Play Store because of their serial infringement and abuse of customer data privacy characterised by their continuous defamatory habits. The app can no longer be downloaded.
Sokoloan Loan Defaulters
There are a lot of Sokoloan defaulters no doubt. Despite the fact that the loan company is in the habit of threatening its customers with curse and shame messages and exposing theor data to the social media, they were still some defaulters who completely refused to repay their loans within and during the expiration of their loan tenure.
Before you take out a loan from any app, ensure you have a means of repayment when the tenure runs and be commited to making the due loan capital and interest so you don’t become a loan defaulter and then have your name and BVN blacklisted with the Credit Bureau. This will prevent you from further access to future loan from any lending app or banking institution in Nigeria.
Sokoloan Contact Details, Whatsapp and Customer Care Numbers
Sokoloan always uses different WhatsApp numbers to defame their customers. However their customer service number is 0802 225 2106 and 0706 224 3452. Sokoloan email is admin@sokoloan.com
Where is Sokoloan office located?
Sokoloan office is located at No 9, Acme Road, Ikeja, Lagos state. However the company was no longer at the address as of time of this report. The new location of the company is now 5, Ogunsiji Close, Allen Avenue, Ikeja, about two kilometres and a six-minute drive from the former address. Its island office is located in Venus business hub, Plot 8, Providence Street, Lekki Phase 1, Lagos.
Why Was Sokoloan sanctioned?
In August 2021, Sokoloan was sanctioned N10million (10 million Naira only) fine for spying and invading its customers’ data privacy, and sending threatening and defamatory messages to its customers and their contact lists who were never parties to any loan agreement.
In the landmark enforcement, Nigerian regulatory agency, NITDA, the National Information Technology Development Agency imposed a fine of N10 million on the digital lending platform for spying, invading and compromising the data privacy of its customers.
What Are Customers’ Feedback and Reviews About Sokoloan loan App?
Sokoloan is the worst loan app that I have ever heard of – Mr David Fadiya
Mr David Fadiya, a leading Security Consultant in Lagos said: “Sokoloan is the parent company of GoCash loan app, (which is another app that sends threatening messages to its customers). Sokoloan don’t give second chance, they’re the worst loan house I have ever heard of. The bottom line is they threaten their staffs to sack them, sometimes they don’t pay they their salaries, that’s what one of their staff who is close to a friend told him. Most of these loan apps are owned by Chinese loan sharks who don’t care.”
What Other loan apps are owned by Sokoloan?
QUICK LOAN ARENA findings reveal that Soko Lending Company Ltd, owners of the now banned, Sokoloan, unknown to many, also owns GoCash, FastMoney, KashKash, AddMoney and GetCash that are defaming Nigerians daily.
“It’s when you want to make payment that you realize it’s Sokoloan you are paying to. And they threaten customers and their contact lists with blackmailing messages even for a day’s default,” one of their customers who pleaded anonymity told QUICK LOAN ARENA.
How did Nigerians and loan customers react to Sokoloan ban from Play Store?
When this medium exclusively broke the news of Sokoloan ban from Google Play yesterday, many Nigerians who spoke with QUICK LOAN ARENA expressed satisfaction and delight at the development. Some say it’s “good riddance to bad rubbish” and others say they want the lending platform prosecuted over its breach of its customers privacy. Some others told QUICK LOAN ARENA that the Federal government and regulatory authorities should wade into the micro-lending industry in Nigeria and instill sanity and enforce discipline.
What happened to Sokoloan loan app?
The simple answer is that Sokoloan was removed from Google Play Store by Play protect, an Android security system that detects and protects users from privacy infringement following series of news reports by QUICK LOAN ARENA accusing Sokoloan of gross policy violation and unethical practices of threatening, blackmailing and maligning its customers and their contact list over alleged loan defaults.
FCCPC and other regulatory agencies Crack down on Sokoloan and other similar loan apps.
Following QUICK LOAN ARENA Story last week, several regulatory and financial crime authorities such as EFCC, CBN, FCCPC and others vowed to crack down on loan apps and lending platforms that are in breach of their customers’ data privacy and also fond of sending defaming and threatening messages to them and their contacts.
The Federal Competition and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria (CBN) and the Economic Financial Crimes Commission (EFCC) in the report assured that it had commenced rights violation investigation into the money lending industry.
The enforcement and regulatory agencies expressed concern that the act was fast becoming a dominant and abusive practice targeting some of the most vulnerable in society.
“Continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy have led to significant and understandable consumer aggravation and dissatisfaction.
“Others are arbitrary, unjust, unreasonable, or exploitative interest rates and or loan balances calculations, harassment and failure of consumer feedback mechanisms, among others have caused consumer aggravation, the agencies have said in a joint statement on Monday,” the report said.
1 Comment
thanks for this insight