Failure to repay loans will attract negative repercussions – BoG to MoMo defaulters

This comes after the central bank noted that some individuals have deliberately refused to register their SIM cards in the ongoing nationwide SIM registration exercise with the intention of avoiding repayment of acquired loans.

In a statement issued on September 28, the BoG disclosed that data on all mobile money loan customers are domiciled in the databases of credit bureaus hence the decision to evade repayment will rather attract negative repercussions.

“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.

See the full statement below:

MA/FNOQ

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