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Financial Analyst questions BoG’s motive of going after Mobile Money loan defaulters

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A Financial Analyst with Dalex Finance, Alhassan Mutawakilu is not enthused about the Bank of Ghana’s recent statement warning individuals who have acquired loans through Mobile Money platforms, but have deliberately refused to register their SIM cards with the intention of avoiding repayment of the loans to rescind the decision and clear the debt. 

The BoG in its statement says that people who failed to repay such loans will attract negative repercussions on borrowers’ credit reports and could subsequently affect any chance of obtaining loan facilities from other financial institutions and credit providers in future. 

Although Mr Mutawakilu agreed, to an extent, with the Bank of Ghana, he wondered why the Central Bank is only interested in only Mobile Money loan platforms and not all financial institutions.

“The Bank of Ghana has put in place so many measures that financial institutions must comply with. Now, now am sure the Bank of Ghana also has a responsibility to ensure that not only the financial institutions are complying with their rules and regulations but the general public also has a responsibility to ensure that the financial system is up and running.”

“I agree with the Bank of Ghana somehow because is a moral responsibility on everyone; if not a legal responsibility on everyone who take a loan to pay back. But when I saw the press statement yesterday I was asking myself since when did the Bank of Ghana start doing this?”

“When did the Bank of Ghana become a debt collector? And why are they not doing it for other financial institutions? Why are they not doing it for the banks, why are they not doing it for industry players like us [Dalex Finance]? Why are they not advocating for every individual who takes a loan from a financial institution to pay back and they’re interested in only Qwik Loan customers?”

Mr Mutawakilu said “I don’t know the motive of the Bank of Ghana but as I stated earlier on, is the responsibility of every individual who takes a loan to pay.”

Source: A1radioonline.com|101.1MHz|Osuman Kaapore Tahiru|Ghana

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