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Bank Of Ghana Cautions Mobile Money Defaulters

by Magdalene Abedi
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Inflation Risks Have Caused The Monetary Policy Rate To Rise To 24.5%.

The Bank of Ghana released a press statement on 28th September 2022 to caution members who have acquired loans through various 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 SIM card re-registration which commenced in October 2021 was initially expected to end in March 2022 but due to public outcry, it was extended end of September 2022. But some Ghanaians have used this as an opportunity to evade payment of their loans.

The statement from the Bank of Ghana reveals that data on 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 history and could adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future.

Borrowers who have discarded their SIM cards have been advised to contact their telecommunication service providers or respective leaders to discuss repayment advice to avoid adverse information on their credit reports, that could deny them access to future credit facilities.

Bank Of Ghana Cautions Mobile Money Defaulters

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