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Trouble For Those Who Took Momo Loans With Sims And Refused To Pay

All individuals who have borrowed money using their sim cards through mobile money loan businesses and have chosen not to return such loans have received a strong warning from the Bank of Ghana.

The Bank of Ghana advised all mobile money loan defaulters to pay back their debt as soon as possible in a press release. Some of these defaulters, according to the bank, have chosen not to have their sim cards re-registered in order to avoid paying back their loans.

Others have also made the decision to discard their SIM cards. All mobile money loan users' information is stored in credit bureau databases, according to the Bank of Ghana. Failure to pay back such loans may therefore have an adverse effect on the borrowers' credit reports, which may therefore reduce their chances of receiving loan facilities from other financial institutions in Ghana.

In order to avoid future "punishments," the bank also urged everyone who had thrown away their SIM cards to contact their telecommunications network providers and explore repayment options.

Read the full statement from the picture below:

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Bank of Ghana Momo SIM Sims

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