The Bank of Ghana has warned members of ‘stubborn academy’ who plan to escape repaying mobile money loans by discarding their SIM cards that their information is still captured in the database of credit agencies.
In a statement, the BOG said that defaulting on loans will lead to having a bad credit rating which would affect those involved if they try to access any other loan facility in the future.
The BOG thus advised those owing MoMo loans who have discarded their SIMS to contact their telcos or the lending company involved and discuss repayment options to avoid those future adverse effects.
“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 on-going national SIM card registration exercise, with the intention of avoiding repayment of the acquired loans,” a statement from the Central Bank dated September 28th 2022.
“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 statement added.
Source: theGhanaianVoice.Com