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Bank Of Ghana Warns MoMo Loan Defaulters to clear debt

The Bank of Ghana (BoG) has issued a warning to anyone who has purposefully refused to register their SIM cards as part of the ongoing National SIM Card registration exercise to avoid repayment of a Mobile Money (MoMo) loan.

Defaulters who do not intend to repay their acquired loans run the risk of being refused access to future credit facilities, according to the central bank.

The BOG stated in a press release that defaulters who don't pay their debts "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 the future."

Additionally, the statement advised, "borrowers who have discarded their SIM Cards to contact their telecommunication service providers or respective lenders to discuss repayment arrangements to avoid adverse information on their credit reports that could prevent them from accessing future credit facilities."

According to the release, all mobile money loan customers have information stored by the BoG in the databases of credit bureaus. It additionally suggested that debtors who had thrown away their SIM cards to avoid repayment get in touch with their lenders to discuss repayment options.

To avoid negative information on their credit reports that could prevent them from accessing future credit facilities, borrowers who have thrown away their SIM Cards are advised to get in touch with their telecommunication service providers or respective lenders to discuss repayment arrangements.

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