The National Information Technology Development Agency has sanctioned an online lending platform, Soko Lending Company Limited, with a fine of N10m for alleged privacy invasion.
“According to one of the complainants, when he failed to meet up with his repayment obligations due to insufficient credit in his account on the date the direct debit was to take effect, the company unilaterally sent privacy-invading messages to the complainant’s contacts. SaharaReporters recalls that some Nigerians had lamented the invasion of their privacy by online lending companies including Soko Loan.
He said, “What actually happened was that my bank account was hacked. You know all these online loans apps, you have to submit your details and Bank Verification Number to them. I just saw that money disappeared from my account and confronted them about what happened.