September 28, 2022

BoG Warns Mobile Money Loan Defaulters

The Bank of Ghana (BoG) has cautioned persons who have secured loans through mobile money platforms with the intention of not re-registering the SIM cards to avoid repayment.

According to the Central Bank, failure to re-register such SIM cards does not clear the debtor since data on all mobile money loan customers are domiciled in the database of credit bureaus.

“As a result, failure to repay such loans will attract negative repercussions on the borrower’s credit history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in the future”, BoG said.

It advised borrowers who have already discarded their SIM cards to contact their telecommunication providers or lenders to discuss repayment arrangements.

This comes ahead of the deadline of the SIM re-reregistration exercise on September 30, 2022.

Source: Fuseini

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