Non payment of Mobile Money loans could affect borrowers credit history

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financial inclusion
Mobile Money

The Bank of Ghana (BOG) says deliberately refusing to repay mobile money loans could negatively affect customer’s credit history.

The Bank indicated that access to credit facilities for defaulters may be limited in the future from financial institutions.

It has therefore advised borrowers who have discarded their SIM Cards to contact their telecommunication service providers or respective lenders, to discuss repayment arrangements.

“BOG wishes to inform the general public that data on all mobile money loan customers are domiciled in the databases of credit bureaus, ” the Central Bank stated in a statement.

The issue of discarding SIM cards to avoid payment of loans became topical when the minister for Communications, Mrs Ursula Owusu, described the act as evil at a press briefing in Accra.

The ministry during the briefing announced a September 30 deadline for SIM registration with the Ghana Card.

This was an extension from the July 31 deadline

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