Bank of Ghana sends strong warning to mobile money loan defaulters

The Bank of Ghana has cautioned persons who have defaulted on their Mobile Money loans to take immediate steps to ensure payment of their loans or face adverse repercussions.

In a statement issued by the central bank, it explained that it has taken notice of attempts by some individuals who

Read full articlehave failed to register their SIM cards in a bid to avoid repayment of their Mobile Money loans.

“The attention of Bank of Ghana has been drawn to some individuals who have acquired loans through mobile money platforms but have deliberately refused to register their SIM cards under the ongoing national SIM Card registration exercise, with the intention of avoiding repayment of the acquired loans,” the statement said.

The Bank of Ghana noted that, among other consequences, the failure of individuals to settle their Mobile Money loans would go a long way to affect their chances of obtaining a loan in the future.

“Bank of Ghana wishes to inform the general public that data on all mobile money loan customers are domiciled in the databases of credit bureaus. As a result, failure to repay such loans will attract negative repercussions on _ borrowers’ credit reports/history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future,” the banking sector regulator said.

The Bank of Ghana admonished persons who have defaulted on their loans to take steps and ensure that their loans are repaid to avoid the consequences.

“Borrowers who have discarded their SIM Cards are advised to contact their telecommunication service providers or respective lenders, to discuss repayment arrangements to avoid adverse information on their credit reports, that could deny them access to future credit facilities,” the Central Bank added.



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