Mobile Money Transactions (2021 and 2022)
|First half of 2021||GH¢374.8 billion|
|First half of 2022||GH¢366.7 billion|
|January 2022||GH¢76.2 billion|
|February 2022||GH¢76.8 billion|
|March 2022||GH¢90.5 billion|
|April 2022||GH¢87.7 billion|
|May 2022||GH¢1.4 billion|
|June 2022||GH¢77.4 billion|
|Mobile Money Transactions (First half of 2022)||GH¢480 billion|
|Total Cheque Transactions (First half of 2022)||GH¢113.3 billion|
The Bank of Ghana said in a statement signed by Sandra Thompson, Secretary of the Director of the Central Bank’s Financial Stability Department, that it has taken note of attempts by some people to not register their SIM cards.
The Bank of Ghana (BoG) is reminding individuals who have obtained loans using Mobile Money platforms but have purposefully declined to register their SIM cards in order to avoid loan repayment to reverse their choice and settle the debt.
Most people in the country are reluctant to register their SIM cards as directed by the government.
The motive behind the sim registration has already been addressed by the government of Ghana.
The Central Bank, in a statement, indicated that the data of all mobile money loan customers is domiciled in the databases of credit bureaus.
According to the BoG, “failure to repay such loans may generate unfavourable repercussions on borrowers’ credit reports or histories and may thereafter severely influence any future chances of acquiring loan facilities from other financial institutions and credit providers.”
“Borrowers who have discarded their SIM Cards are advised to contact their telecommunication service providers or respective lenders to discuss repayment arrangements in order to avoid adverse information on their credit reports that could deny them access to future credit facilities, according to the statement.
Ursula Owusu-Ekuful, Minister of Communications and Digitalisation, had already cautioned them and condemned their actions as vile corruption.
It was previously reported that Ningo Prampram Member of Parliament Samuel Nartey George stated that some customers who had decided not to pay their debt had decided not to pay and were waiting for their SIM to be blocked.
Transactions through mobile money in the first half of 2022
Total Mobile Money transactions surpassed cheque transactions by a whopping GH¢366.7 billion in the first half of 2022, according to the Bank of Ghana’s Summary of Economic and Financial Data.
However, this was less than the GH¢374.8 billion recorded during the same period in 2021.
A brief examination of the data revealed that cheque transactions were greater in the second quarter of 2022 (April 2022 to June 2022) than at the same time the previous year.
This could be attributed to the upcoming adoption of the Electronic Transaction Levy in May 2022, but the main worry is the increased use of cheques.
While overall mobile money transactions were GH¢480 billion in the first half of 2022, total cheque transactions were GH¢113.3 billion.
This compares to GH¢476.7 billion for Mobile Money and GH¢101.9 billion for checks during the same period in 2021.
According to Bank of Ghana data, the value of mobile money transactions in the first half of 2022 was GH¢76.2 billion in January 2022, GH¢76.8 billion in February 2022, GH¢90.5 billion in March 2022, GH¢87.7 billion in April 2022, GH¢71.4 billion in May 2022, and GH¢77.4 billion in June 2022.
The total value of cheques was GH¢16.1 billion in January 2022, GH¢16.6 billion in February 2022, GH¢21.8 billion in March 2022, GH¢18.3 billion in April 2022, GH¢20.3 billion in May 2022, and GH¢20.0 billion in June 2022.
“The Bank of Ghana has focused its attention on some individuals who have obtained loans using mobile money platforms but have purposefully declined to register their SIM cards under the ongoing national SIM Card registration drive, in order to prevent repayment of the acquired loans.”
The Bank of Ghana (BoG) has issued a warning to Mobile Money (MoMo) loan defaulters who have intentionally refused to register their SIM cards as part of the ongoing nationwide SIM card registration process in order to avoid repayment.
Defaulters who do not intend to repay their acquired debts, according to the central bank, risk being denied future credit facilities.
In a press release issued today [September 28, 2022], the BOG stated that defaulters who fail to “repay such loans will attract negative repercussions on borrowers’ credit reports/history and may subsequently adversely affect any future opportunity to obtain loan facilities from other financial institutions and credit providers.”
Read the statement below: