MTN Ghana To Prevent MoMo Loan Defaulters From Accessing Loans at Other Financial Institutions
- MTN Mobile Money loan defaulters will soon be sanctioned by the telco for late or non-payment of financial aid they have taken
- Samuel Duku, MTN Ghana's Technical Manager, said these people would soon not be able to take loans from financial institutions
- Netizens who saw the post on social media thronged the comments section to share their varied thoughts on MTN's latest action
Don't miss out! Get your daily dose of sports news straight to your phone. Join YEN's Sports News channel on WhatsApp now!
MTN Ghana’s Technical Manager has stated that they would soon begin to penalise Mobile Money loan defaulters.
According to Samuel Duku, the defaulters would not be able to access any loan facility from any financial institution.
Source: UGC
It is not clear how MTN Mobile Money will implement this.
However, information about each network subscriber is available to MTN due to the SIM registration exercise conducted some years ago.
Samuel Duku explained that the loan defaulters would not be creditworthy, hence they would not be able to access any loans.
“MoMo Loan defaulters will soon not be able to take loans from any financial institution.”
“Defaulters of MTN Mobile Money loans will soon not be credit-worthy to take loans from any financial institutions.”
BoG cautions MoMo defaulters
The Bank of Ghana, in 2022, issued a statement advising mobile money loan defaulters to repay their debts.
The Central Bank warned that defaulters risk facing stiffer consequences, which could deny them access to future credit facilities.
The BoG stated that individuals who intentionally choose not to repay their loans will face negative repercussions on their credit reports and history.
“The Bank of Ghana wishes to inform the general public that data on all mobile money loan customers are held 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 affect their chances of obtaining loan facilities from other financial institutions and credit providers in the future.”
Ursula Owusu rebukes MoMo defaulters
In 2022, then-Minister for Communications, Ursula Owusu-Ekuful, expressed her displeasure with individuals who took out quick loans and then refused to re-register their SIM cards to avoid repayment.
In a Facebook post dated July 31, 2022, the former minister stated that such individuals would eventually be exposed.
“I have also been informed that some people who have obtained quick loans from their service providers have decided not to register those SIMs to avoid repaying the loans. That is evil corruption, and you will be found out.”
Ghanaians react to MoMo loan defaulters' situation
YEN.com.gh has collated some reactions below to the post on social media.
Ghaspah7760 said:
"So this man no want us to play with am why he just dey vex this small play 🤔."
Meo Mirror wrote:
"If you borrow you must pay, if you don't pay prepare to run away like Ken Ofori Atta."
Barimah Kumah Okoforobour said:
"Eiiiii aden 🤣🤣 Wait 24hr economy is on its way… they’ll all repay you back! Work no dey for boys 😁."
Harrison JahBless wrote:
"Sam Dzata George Malik Basintale you guys for talk some oooooo we are settling them small small bcoz of what the pass government did oooooo.... anyway I don't own them but people I know own them."
Eric Amankwah said:
"What of those who died and their money stuck up at ur place?"
Amoh Ernest wrote:
"Obiaaa de ka, wai...😀😀 Ghana Aban koraaa de ka 😂 let's think."
Dove Quadjo Bedie said:
"Has the Government finished paying its indebtedness to domestic banks and international bodies?"
Gamor Victor Dzidula wrote:
"Good initiative. They're blocking the chances of potential borrowers 🤣🤣🤣."
Mobile Money transactions hit trillions in 2024
YEN.com.gh also reported that mobile money transactions in Ghana amounted to GH¢1.775 trillion as of August 2024.
This was contained in the September 2024 Summary of Economic and Financial Data by the Bank of Ghana.
The report also stated that there were 70.5 million mobile money accounts in Ghana and 22.8 million were active.
Proofreading by Bruce Douglas, copy editor at YEN.com.gh.
Source: YEN.com.gh
