The Bank of Ghana has issued a warning to people who have taken out loans through mobile money networks, advising them to pay back their debt.

This comes after the central bank observed that some people have purposefully chosen not to register their SIM cards as part of the ongoing nationwide SIM registration drive in an effort to avoid repaying loans that they have incurred.

The BoG revealed that all mobile money loan customers' information is stored in credit bureau databases in a statement released on September 28. As a result, the decision to avoid repayment will likely have a negative impact.

“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 future,” the BoG stated.

It added that borrowers who have discarded their SIM cards are, however, advised to contact their respective lenders or telecommunication service providers to discuss repayment arrangements.

The Central Bank said this is important to avoid adverse information on their credit reports, which could deny them access to future credit facilities.