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 being 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.


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