BoG warns Quick Loan defaulters to repay loans to maintain good credit history
The Bank of Ghana is advising consumers of mobile money loans to repay their loans and maintain a good credit history.
According to the Central Bank, failure to repay loans will have a negative effect on their credit report and also adversely affect their chances of obtaining loan facilities from financial institutions and credit providers in future.
In a financial literacy on mobile money loan defaulters, it said credit history of all mobile money loan customers is kept in the credit reporting system managed by credit bureaus licensed by BoG.
Under the Credit Reporting Act, 2007 (Act 726), the data is shared with other lenders to enable them to know the credit behaviour of borrowers, to help with appraisal of loan applications, it said.
“Repay your mobile money loans promptly to maintain a good credit history to help you access more loans in future. Your credit history shows how you managed the repayment of your past loans including the timeliness of the payment”.
“Failure to repay your loans will have a negative effect on your credit report and also adversely affect your chances of obtaining loan facilities from financial institutions and credit providers in future”, it added.
The Bank of Ghana in September this year 2022, stated in their press release signed by the Secretary, Miss. Cindy Thompson on the same issue of loan defaulters making payments to aid them stand the chance of getting future loans.
Read details of statement below:
BANK OF GHANA EST. 1957
PRESS RELEASE
MOBILE MONEY LOAN DEFAULTERS
The attention of 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 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.
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.
Borrowers who have discarded their SIM Cards are 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.
