The Bank of Ghana(BoG) has said mobile money loan defaulters seeking to discard their SIM cards risk being denied access to future credit facilities. A statement issued by the BoG on Wednesday, September 28, 2022, said borrowers cannot escape repayment of acquired loans from their creditors by refusing to register their SIM cards under the ongoing national SIM Card registration exercise.
“Bank of Ghana wishes to inform the general public that data on all mobile money loan customers are domiciled in the databases of credit bureaus. As a result, failure to repay such loans will attract negative repercussions on borrowers’ credit reports/history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future,” the Central Bank warned.
It, however, advised borrowers to contact their telecommunication service providers or respective lenders, to discuss repayment arrangements to avoid sanctions.
