You can’t hide; credit bureaus have your details – BoG warns MoMo loan defaulters

The Bank of Ghana(BoG) has issued a caution to Mobile Money (MoMo) loan defaulters who have deliberately refused to register their SIM cards to avoid payment. 

A statement released by the apex bank on Wednesday, September 28, 2022, said some individuals who have taken loans through mobile money services have intentionally excluded themselves from the SIM re-registration exercise to evade repayment.

“The attention of the 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.”

According to the central bank, failure to repay such loans will negatively affect defaulters’ credit history and could lower their chances of acquiring loans from other financial institutions and credit providers in the future.

“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,” BoG warned.

The central bank advised borrowers who had discarded their SIM cards to contact their respective lenders to discuss repayment arrangements to avoid adverse information on their credit history.

Below is the full statement;