Thursday, 08 December

You can’t run from paying loans by discarding SIM – BoG to mobile money loan defaulters

Business
The SIM car re-registration exercise deadline is September 30, 2022

The Bank of Ghana (BoG) has cautioned mobile money loan defaulters that they cannot avoid repayment by discarding their SIM cards because their data have been captured by credit bureaus.

Some persons who have acquired loans through mobile money platforms have deliberately refused to register their SIM cards in the ongoing national SIM card re-registration exercise with the intention of avoiding payment of the acquired loans.

But the central bank, in a statement, has cautioned these defaulters that because their data have been captured in credit bureaus, their failure to repay such loans would affect their chances of obtaining any loan facilities from any financial institution in future.

Borrowers who have discarded their SIM cards have been 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.

Source: Classfmonline.com/Emmanuel Mensah