Bank Of Ghana Threatens Quickloan Defaulters To Pay Or Face Negative Repercussions 

Bank of Ghana has issued strong caution to Ghanaians who are still on Quicklian and have not paid as at September, 2022 to settle all debts owed or face the law of not getting loans from any financial institution in the future.

In a letter signed by the Secretary, Sandra Thompson (Ms.), these defaulters have deliberately decided not to reregister their SIM-cards in order to escape payments of such loans.

“As a result 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.”

READ FULL STATEMENT BELOW…

“The attention of Bank of Ghana has been drawn to some individuals who have acquired loans through mobile money platforms, but have deliberately refused to register their SIM cards under the on-going national SIM Card registration exercise, with the intention of avoiding repayment of the acquired loans.

Bank of Ghana wishes to inform the general public that data on all mobile money loan customers are domiciled in the databases of credit bureaus. As a result, 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.

Borrowers who have discarded their SIM Cards are advised 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.”

Meanwhile, Madam Ursula Owusu-Ekuful has sent a stern warning to Qwikloan defaulters to get themselves prepared for the consequences ahead.

“You have QuikLoan customers who have taken facilities and people are holding back and not wanting to pay, they are saying, okay, if you want to deactivate my SIM, let’s deactivate it.

“It is a disincentive for you to attract investors into the tech space. Don’t forget that this quick loan has created a space for a new cadre of small-scale businesses, people who take ¢500 or c1000 and turn it around and run businesses and pay these facilities back.

“The Qwikloan, at times, has put food on the table of families, you can’t underestimate the value of this. Right now, industry players are going to be scared. How do I put money into an industry like OTT [Operate Over the Internet] when a policy directive one day could cost me millions or billions of dollars? These are the kind of policy incoherence we need to talk about,” the communications minister said on TV3.