The Mobile Money Loan is a short-term, unsecured, cash loan paid into your Mobile Money wallet. The loan is simple and accessible, with no previous savings required.
If you pay your loan on time, every time, then you will continue to have access to a loan whenever you need it.
The Qwik loan defaulters are individuals who cannot pay up their loans on the due date. Few realize the need for repaying such loans.
Some cannot acknowledge that the responsibility of a borrower is to make repayment on time.
This is because, failure to do so can cause additional charges, blacklisting, and denial of future loans.
Press Release From BoG
The attention of the Bank of Ghana has been drawn to such individuals who have acquired loans through mobile money platforms but have deliberately refused to register their SIM cards under the ongoing national SIM Card registration exercise, to avoid 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 the 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.