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Pay up your MoMo loans or risk losing creditworthiness

Pay up your MoMo loans or risk losing creditworthiness
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The Bank of Ghana has provided advice to people who have obtained loans through mobile money platforms but have consciously chosen not to register their SIM cards as part of the ongoing national SIM Card registration exercise in an effort to avoid making loan repayments.

In a statement, the Central Bank stated that all mobile money loan customers’ data is kept in credit bureau databases.

Failure to pay back such loans, according to BoG, will have “negative repercussions on borrowers’ credit reports/history and could ultimately adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in the future.”

Also read: SIM card re-registration deadline impossible – NIA

In order to avoid having negative information on their credit reports that could prevent them from obtaining future credit facilities, the Central Bank advised all borrowers who had thrown away their SIM cards to get in touch with their telecommunication service providers or respective lenders to discuss repayment arrangements.


Source: CitiNews

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