Bank of Ghana advised Qwikloan defaulters to make their payments or face consequences

The Bank of Ghana (Bog) has issued warnings to those who have obtained loans using mobile money platforms but have deliberately chosen not to register their SIM cards in order to be able to repay the debt.

According to the central bank, credit bureaus’ databases have information on every customer of mobile money loans.

Failure to repay such loans will have a severe effect on the borrower’s ability to receive loan facilities from other financial institutions and credit providers in the future, according to a statement released by the Bank on September 28.

Ursula Owusu Ekuful, the minister of communications and digitalization, had previously warned them and called their behavior “bad corruption.”

It should be recalled that Samuel Nartey George, a member of parliament from Ningo Prampram,claimed that some consumers who had not yet paid their bill had chosen against doing so and were awaiting the blocking of their SIM.

Sam George said on Saturday, July 30’s Key Points on TV3 in reference to the earlier plan to stop SIM reregistration by today, Sunday, July 31: “You have Qwik Loan customers who have taken facilities andpeople are holding back and not wanting to pay, they are saying, okay, if you want to deactivate my SIM, let’s deactivate it.

“You are less likely to draw investors into the tech sector.

Don’t forget that these tiny loans have made room for a new generation of entrepreneurs who take ¢500 or ¢1000 and use it to start firms and repay these facilities.

“The Qwikloan has occasionally helped families put food on the table; the importance of this cannot be overstated. Players in the industry will be afraid right now.

How can I invest in a sector like OTT [Operate Over the Internet] when one day I could lose millions or perhaps billions of dollars due to a legislative directive?

These are the types of policy incoherence that require discussion. But the Communications Minister stated, “I have also been informed that certain customers who have gotten Qwik Loans from their service providers have decided not to register such SIMs to avoid repaying the loans,” during a press conference on Sunday, July 31 in Accra.

You will be exposed for the horrible corruption that you are doing.

Frebetha Atieku Adjoh

News Editor, Lover of Arts & Entertainment

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