MoMo loan not free money - BoG

Stop throwing your SIM cards away after securing MoMo loan, Godgred Cudjoe to Ghanaians

Godfred Cudjoe speaks at financial literacy workshop in Kumasi

We have your information with the Credit Reference Bureau, BoG to MoMo loan defaulters

The Bank of Ghana (BoG) has noted that monies borrowed by telecommunication networks via

Read full articleMobile Money (MoMo) to customers are not free monies these companies have to spare.

Head of Credit Reporting Unit of BoG, Godfred Cudjoe, entreated persons who owe mobile money loans to settle their due as soon as possible.

He stated that persons who have thrown their SIM cards away after they took MoMo loans could be tracked.

Godfred Cudjoe noted that these defaulters have their information with the Credit Reference Bureau and failure to settle their debt can harm them in future.

According to a Daily Graphic report, "people should not think that a mobile money loan was free money and that they could get away by borrowing and throwing their SIM card away...Anyone who took a mobile money loan has their information with the Credit Reference Bureau which keeps records of people's creditworthiness."

He entreated Ghanaians to stop throwing their SIM cards away after securing a loan from their telecommunication networks.

Godfred Cudjoe made these remarks at a financial literacy workshop organised for personnel of the Ghana Immigration Service in Kumasi.

ESA/FNOQ