The Bank of Ghana has advised individuals who have secured 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 loans to settle their debts.

The Central Bank in a statement indicated that data of all mobile money loan customers are domiciled in the databases of credit bureaus.

BoG cautioned that 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 the future.”

The Central Bank advised all borrowers who have discarded their SIM cards 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.

Source:CNR

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