BoG Warns Mobile Money Loan Defaulters To Repay Or Face The Repercussions

The Bank of Ghana (Bog) has warned individuals who have acquired loans through mobile money platforms but have deliberately refused to register their SIM cards to enable them repay the loan.

The central bank says data on all mobile money loan customers are avilable in the data base of credit bureaus.

Earlier, the Minister of Communications and Digitalisation, Ursula Owusu-Ekuful also warned them and further described their action as evil corruption.

It is recalled that Ningo Prampram Member of Parliament, Samuel Nartey George, said some customers who were yet to settle their debt decided not to pay and were waiting for their SIM to be blocked.

Meanwhile ; a statement released by the Bank of Ghana on Wednesday September 28th,, 2020,  says “As a result failure to repay such loans will attract negative repercussions on borrowers credit reports and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future,”

Below is the full statement from BoG

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

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