NBSSI issues warning after paying applicants who owe MoMo debts
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NBSSI issues warning after paying applicants who owe MoMo debts

- The NBSSI has cautioned applicants for the CAP Business Support Scheme against providing Mobile Money accounts riddled with debts

- It advised applicants to ensure that they have no liabilities on the MoMo numbers they provide to access the fund

- The directive comes after complaints of deduction of debts owed to telecommunication companies by the applicants

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The National Board for Small Scale Industries (NBSSI) has advised applicants for the Coronavirus Alleviation Programme (CAP) business support scheme to clear their debts before completing application forms.

It explained that it has received reports of deductions from Mobile Money accounts of applicants.

The deductions, it explained, are in relation to debts owed to telecommunication companies.

NBSSI issues warning as after paying applicants who owe MoMo debts

NBSSI's Executive Director, Kosi Yankey Ayeh Source: businessworldghana.com
Source: UGC

READ ALSO: GHc600 million soft loan: No TIN, no stimulus package

For that reason, it went on, the debts are deducted as soon as it pays funds into the accounts.

Per a report by thebftonline.com, Mobile Money accounts were used to transfer funds in cases where the applicant had no bank account.

NBSSI’s Executive Director, Kosi Yankey-Aryeh, revealed that funds were carefully spread to cover all regions, sectors, and associations in Ghana.

She added that this was achieved by percentage allocation as well as other criteria implemented by the board.

YEN.com.gh earlier reported that more than 170 000 businesses have applied to access the GHc1 billion package announced by President Nana Akufo-Addo.

This represents a huge jump from the 14 000 businesses that submitted applications in the first week.

According to Kosi Yankey-Ayeh, her outfit has teamed up with selected financial institutions to ensure that Ghanaian Micro, Small, and Medium Enterprises (MSMEs) have access to the funds.

READ ALSO: GHc600 million package: Business owners will pay 5% interest - NBSSI

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Source: Yen

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