According to Bank of Ghana,Since the introduction of mobile money loans by telecommunication companies some of their customers have taken undue advantage of the opportunity while some have taken the loans to either start or recapitalise their businesses, others have accessed the funds and misused it, hence their inability to pay.And in order to prevent the telcos from tracking them, they have stopped using their SIM cards in their quest to avoid detection.
It is not yet clear how much the telecos are owed but sources say it is in millions of Ghana cedis.
As a result, the Bank of Ghana (BoG) has advised those who have defaulted in their mobile money loans to endeavour to payback for their own good
The bank said most people were of the view that they could get away with the mobile money loan by discarding their SIM card after taking the loans
However, the Head of Credit Reporting Unit of BoG, Godfred Cudjoe, said all those owing mobile money loans had their details with the Credit Reference Bureau “and this could affect you in the future when you badly need a loan.”
He said people should not think that a mobile money loan was free money and that they could get away by borrowing and throwing their SIM card away.
According to him, anyone who took a mobile money loan has their information with the Credit Reference Bureau which keeps records of people's credit worthiness.
Speaking at a financial literacy workshop organised for personnel of the Ghana Immigration Service in Kumasi, Mr Cudjoe said all the banks conduct a search at the Credit Reference Bureau on all their customers before extending a loan facility to them.
This, he explained, was to ensure that the person taking the loan did not have a record of defaulting in payment.
He said if it was noted that one had defaulted in the repayment of their previous loans, this could affect one’s ability to access new loan facilities.
On investment, Mr Cudjoe asked the participants to conduct due diligence when investing their money with any financial institution and not to be swayed with what he described as the mouth-watering returns being offered by the those institutions.
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