The Bank of Ghana (BoG) has warned individuals who have acquired loans through Mobile Money platforms, but have deliberately refused to register their SIM cards with the intention of avoiding repayment of the loans to rescind the decision and clear their debt.
A statement from the BoG stated that, “failure to repay such loans will attract negative repercussions on borrowers’ credit reports or history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future”.
In an interview with Citi Business News, a member of the Financial Stability Department at the Bank of Ghana, Godfred Cudjoe called on defaulting customers to do well and pay their loans.
“Some people have refused to register their sims with the intention that if hey don’t do that and they are able to assess those sims again it means the loans are more or less forgiven and the banks do not have a track of the loans and this is what we want to draw their attention to it.”
“We want to curtail the risk that in the near future where they may need a loan and go to the bank and they may be refused, that is why we are warning customers that have taken a loan and have that intention to rescind their decision and get in touch with their telecom operators or the banks that they took the loans from so that they make arrangements to pay back before they have their information adversely affected in the credit bureau system”.