The Bank of Ghana has issued a severe warning to mobile money loan defaulters.
The Bank of Ghana has warned people who have fallen behind on their Mobile Money loans to take immediate action to ensure repayment or face negative consequences.
The Bank of Ghana said in a statement signed by Sandra Thompson, Secretary to the Director of the Central Bank's Financial Stability Department, that it has taken note of attempts by some individuals to not register their SIM cards in order to avoid repayment of their Mobile Money loans.
"The Bank of Ghana has drawn the attention of some individuals who have acquired loans through mobile money platforms but have deliberately refused to register their SIM cards under the ongoing national SIM Card registration exercise, with the intention of avoiding repayment of the acquired loans," according to the statement.
The Bank of Ghana stated that, among other consequences, individuals' failure to settle their Mobile Money loans would have a significant impact on their chances of obtaining a loan in the future.
"The Bank of Ghana wishes to inform the general public that data on all mobile money loan customers is stored in credit bureau databases." As a result, failure to repay such loans will have a negative impact on borrowers' credit reports/history, potentially affecting future opportunities to obtain loan facilities from other financial institutions and credit providers, according to the banking sector regulator.
To avoid the consequences, the Bank of Ghana advised people who had defaulted on their loans to take action and ensure that their loans were repaid.
"Borrowers who have discarded their SIM Cards should contact their telecommunication service providers or respective lenders to discuss repayment arrangements in order to avoid adverse information on their credit reports, which could deny them access to future credit facilities," the Central Bank added.
read also: Accident on Tema Motorway tollbooth causes heavy traffic.
Due to a car crash near the tollbooth, there is heavy traffic on the Accra-Tema Motorway's Tema-bound section.
According to a video from the scene, the accident involved a long bus with its front side mangled from the impact.
"Rethink your decision if you're driving from Accra to Tema this morning." "There is an accident near the tollbooth," tweeted @GeniusKojo, who shared the video.
As seen in the video, the bus sits in the middle of the road, while other vehicles struggle to make their way out of a space behind the long bus.
If you're planning on driving from Accra to Tema this morning, reconsider. There is an accident close to the tollbooth.
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