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BoG Sends Strong Warning To Mobile Money Loan Defaulters

People who have fallen behind on their Mobile Money loans have been warned by the Bank of Ghana to take immediate action to ensure payment of their loans or risk adverse consequences.

The Bank of Ghana stated in a statement signed by Sandra Thompson, Secretary to the Director of the Central Bank's Financial Stability Department, that it has taken notice of attempts by certain persons to not register their SIM cards in order to evade repayment of their Mobile Money loans.

“The attention of Bank of Ghana has been drawn to some individuals who have acquired loans through mobile money platforms but have deliberately refused to register their SIM cards under the ongoing national SIM Card registration exercise, with the intention of avoiding repayment of the acquired loans,” the statement said.

The Bank of Ghana warned that defaulting on Mobile Money loans might have a significant negative impact on a person's ability to get a loan in the future, among other repercussions.

People who have fallen behind on their loans have been warned by the Bank of Ghana to take action and make sure that their loans are paid back to avoid the consequences.

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