The Bank Of Ghana has issued a strong notice to all persons who have borrowed money with their sim cards through mobile money loan services and have decided not to repay such loans.
In a press release by the Bank Of Ghana, they urged all mobile money loan defaulters to repay their debt as soon as possible. According to the bank, some of these defaulters have decided to avoid the re-registration of their sim cards to avoid the payment of their loans. Others have also decided to throw their sim cards away.
The Bank of Ghana has made it clear that the data of 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 and could subsequently affect any chance of obtaining loan facilities from other financial institutions in Ghana.
The bank also advised all persons who have thrown their sim cards away to visit their telecommunication network providers and discuss repayment arrangements to avoid any 'punishment' in the future.
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