Failure to pay Momo loan will attract negative repercussions – BoG tells defaulters

The Bank of Ghana (BoG) has said mobile money loan defaulters who have deliberately discarded their SIM cards risk attracting negative repercussions.

In a statement, the BoG said it has noticed that “some individuals who have acquired loans through mobile money platforms, but 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.”

“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,” the statement added.“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,” the statement added.

“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.”