Debtors on mobile money loans have been warned to arrange repayment plans with their service providers or face harsher consequences that could prevent them from obtaining credit again in the future.
Individuals who have purposefully chosen not to repay loans obtained from their service providers may face unfavourable consequences on their credit reports and history, according to the Bank of Ghana (BoG).
Some people who obtained loans using mobile money platforms have refused to register their SIM cards in order to avoid repaying the loans.
Others have additionally purchased and registered new SIM cards while discarding the old ones “in order to avoid repayment of the obtained loans.”
“The Bank of Ghana desires to inform the general public that data on all mobile money loan customers is stored in credit bureau databases.”
“As a result, failure to pay back such loans will have a negative impact on debtors’ credit reports and histories, reducing their chances of getting loan facilities from other financial institutions and financial institutions in the future.”
The SIM card re-registration procedure is scheduled to end on Friday, September 30, 2022, but a number of lawsuits have been launched against the Ministry about how it is being conducted.
