Bank of Ghana issues Warning to MOMO defaulters against future Loans

The Bank of Ghana has warned Mobile Money (MoMo) loan defaulters that failure to pay attracts negative repercussions. According to the BoG, failure to pay MoMo loans would adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future.

BANK OF GHANA FINANCIAL LITERACY ON MOBILE MONEY LOAN DEFAULTERS

Have you acquired a loan through any mobile money platform? Repay your loan on time! In case of any difficulties, contact the mobile money provider or the credit provider involved.

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) this data is shared with other lenders to enable them to know the credit behaviour of borrowers, to help with appraisal of loan applications.

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.

Contact the BoG Market Conduct Office

BANK OF GHANA FINANCIAL

LITERACY ON MOBILE MONEY

LOAN DEFAULTERS

0302665005

0596912354, 0501502270

complaints.office@bog.gov.gh

7th Floor Cedi House, Accra

www.bog.gov.gh @thebankofghana

Read Official Document Below; 

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