Accra, Ghana (GS) The Bank of Ghana has warned mobile money loan defaulters that they risk being barred from the financial market if they continue defaulting on their loan repayments.
According to the Central Bank, data on all mobile money loan customers are “domiciled in the databases of credit bureaus”. Hence, failure by individuals to repay such loans will attract negative repercussions on the borrowers’ credit reports or history, and “could adversely affect their ability to obtain loan facilities from financial institutions and credit providers in future”.
A statement issued by the Central Bank in Accra today September 28, 2024, and signed by its Secretary, Sandra Thompson, said its “attention 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 loan”.
The Bank advised borrowers who have discarded their SIM cards 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.
