Bank of Ghana warns MoMo loan defaulters

The Bank of Ghana (BoG) has warned Mobile Money (MoMo) loan defaulters who have deliberately refused to register their SIM cards under the ongoing national SIM Card registration exercise in a bid to avoid repayment.

According to the central bank, defaulters who have no intention of repaying their acquired loans stand the risk of being denied access to future credit facilities.

In a press release issued today [Sept 28, 2022], the BOG said defaulters who fail 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 release disclosed that the BoG has data on all mobile money loan customers domiciled in the databases of credit bureaus. It also advised borrowers who had discarded their SIM Cards in a bid to avoid repayment to contact their lenders to discuss repayment plans.

"Borrowers who have discarded their SIM Cards are been advised 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", the release said.

Below is a copy of the statement:

PRESS RELEASE MOBILE MONEY LOAN DEFAULTERS

The attention of Bank of Ghana 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 loans.

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. Asa 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.

Borrowers who have discarded their SIM Cards are advised 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.

For further enquiries, contact: 

The Director
Financial Stability Department
Bank of Ghana
Cedi House, 7.
Floor Tel.: 030 266 5005; 059 691 2354; 050 150 2270

(SGD.)
SANDRA THOMPSON (MS.)
THE SECRETARY

28TH SEPTEMBER, 2022