BoG warns Mobile Money loan defaulters

The Bank of Ghana has noted that monies borrowed by telecommunication networks via Mobile Money (MoMo) to customers are not free monies these companies have to spare.
In a statement signed by Sandra Thompson, Secretary at BoG, it entreated persons who owe mobile money loans to settle as soon as possible

It stated that persons who have thrown their SIM cards away after they took MoMo loans ‘should contact their telecommunication service providers to discuss repayment arrangements.’

It also said all those owing mobile money loans had their details with the Credit Reference Bureau “and this could affect you 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,” a statement said.

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