The Bank of Ghana has provided advice to those who have obtained loans using mobile money platforms but have consciously chosen not to register their SIM cards as part of the ongoing national SIM Card registration drive in an effort to avoid making loan repayments.

The Central Bank in a statement indicated that data of all mobile money loan customers are domiciled in the databases of credit bureaus.

BoG cautioned that failure to repay such loans will attract “negative repercussions on borrowers’ credit reports/history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in the future.”

The Central Bank advised all 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, that could deny them access to future credit facilities.