Bank of Ghana warns Mobile Money loan defaulters

• Posted on September 28, 2022September 28, 2022
• by Nana Kwesi Coomson
• Comment

The Central Bank has in statement cautioned all individuals who have acquired loans through mobile money platforms, but have delibrately refused to register their SIM cards under the on-going national SIM Card registration exercise, with the intention of avoiding repayment of the acquired loans to think otherwise.

In a statement signed by The Secretary, Sandra Thompson (MS.), further stated that, “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.” 

Read full statement below

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

“Bank of Ghana wishes to inform the genral public that data on all mobile money laon customers are domiciled in the database 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.

“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.”