Bank of Ghana cautions mobile money loan defaulters.

The Central Bank of Ghana.

The Bank of Ghana has urged those who have defaulted on their Mobile Money loans to take quick efforts to ensure payment of their debts or suffer undesirable ramifications.

The central bank explained in a statement seen by GhanaNews.hrforum.uk that, it has taken notice of attempts by some individuals who have failed to register their SIM cards in an effort 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 warned that defaulting on Mobile Money loans will have far-reaching repercussions on borrowers' ability to get future loans.

“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 has advised borrowers who are behind on their payments to take action and make arrangements to repay their debts.

“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.

A copy of the statement below:

Press Release - Mobile Money Loan Defaulters pic.twitter.com/dbY8VqKEPD

— Bank of Ghana (@thebankofghana) September 28, 2022

Source: ghananews.hrforum.uk