BoG Advises MoMo Loan Defaulters

Momo Vendors
Momo Vendors

The Bank of Ghana (BoG) is calling on all persons who have borrowed money from mobile money loan platforms to visit their respective telcos/lenders and negotiate payment terms for their own good. 

The Central Bank in a statement dated September 28, 2022 noted that many of such defaulters have deliberately refused to register their SIM cards under the on-going national SIM Card registration exercise, with the intention of avoiding repayment of the acquired loans.

It noted that such a move will rather work against the defaulters because it all their records are in the databases of the various credit bureaus and a negative record will go a long way to deny them future loans from any other institutions.

“Bank of Ghana wishes to inform the general public that data on 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/history and could
subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future,” the statement said.

It said that borrowers who have discarded their SIM Cards are 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 leading mobile money loan platforms in Ghana QwikLoan from Letshego, XpressLoan from Ecobank and AhomkahLoan from Ahomkah Savings and Loans.

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