Bank of Ghana Warns Mobile Money Loan Defaulters About Impact On Their Credit Reports

Bank of Ghana Warns Mobile Money Loan Defaulters About Impact On Their Credit Reports

  • The Bank of Ghana has moved to warn defaulters of mobile money loan that they risk irreparable damage to their credit worthiness if they don't pay up
  • The central bank said people owing Quickloan and XpressLoan risk getting captured on a database that will make their chances of accessing other loan facilities difficult
  • The warning by the BoG follows concerns that many Ghanaians have reduced their mobile money transactions due to the E-Levy

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The Bank of Ghana (BoG) has warned defaulters of mobile money loan to pay up before their credit information gets into a national database.

The central bank said in a statement that future attempts by defaulters of Quickloan, XpressLoan and AhomkaLoan to secure a loan could prove daunting if they fail to pay up.

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“Failure to repay such loans will attract negative repercussions on borrowers' credit reports and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future," the statement said.
mobile money Ghana
Bank of Ghana Governor Dr Ernest Addison. Source: UGC/Bank of Ghana
Source: UGC

The Bank of Ghana also informed borrowers who have discarded their SIM Cards to contact their telecommunication service providers or respective lenders to discuss repayment arrangements to avoid adverse information on their credit reports.

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The statement said bad information on such defaulters could even deny them access to future credit facilities.

IMANI Ghana Survey Reveals Majority Of Ghanaians Have Reduced Volume Of Mobile Money Transactions has reported in separate story that a survey by think tank IMANI Centre for Policy and Education has found that 83% or 8 in 10 Ghanaians have reduced their volume of mobile money transactions since the implementation of the e-levy on May 1, 2022.

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The study conducted in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) also suggests that many Ghanaians are likely to stay away from mobile money transactions for a long time.

“Our findings suggest that the official 24% attrition rate, which the government estimates for the first three to six months following the introduction of the e-levy, is likely to be much higher.
“This finding implies that the forecasted GH¢4.5 billion (GH¢560 per month) e-levy revenue target for 2022 is unlikely to be attained given the strong consumer backlash and people finding alternative means of undertaking financial transactions,” report released on the survey on June 22, 2022, stated.

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