Commercial Banks have thrown their weight behind the Bank of Ghana to deny individuals access to future credit for deliberately refusing to register their SIM cards in the ongoing national SIM Card registration exercise, with the intention of dodging loan repayments through their Mobile Money platforms.
The Central Bank in a statement indicated that data of all Mobile Money loan customers are domiciled in the databases of credit bureaus, hence failure to repay such loans will attract “negative repercussions on borrowers’ credit.
Managing Director of Cal Bank PLC, Philip Owiredu told Joy Business the warning is a step in the right direction.
“I think is a good call from the Central Bank because it’s about time we institute some right credit culture within the economy. We always keep talking about bank credit being high. And one of the reasons underpinning is the level of non-performing loans within the financial service sector”.
“And we see this sipping through to the micro-sector to the extent that we see people taking credit through the MoMo transaction.”
He further lauded the regulator for such a move, adding, “If is a measure that the Central Bank is putting up to enhance the credit culture within the economy, then I think it’s a right call for them to do”.
Latest Stories
-
About 95% of PWDs in Obuasi have source of livelihood – MCE
8 mins -
Immigration Service intercepts 54 gallons of fuel
11 mins -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
19 mins -
Bawumia to launch Ghana’s credit scoring system on Nov. 7
23 mins -
Alan to combat galamsey with strategic youth-centred business model
26 mins -
Agona Swedru chiefs commit to ending child marriage within their jurisdiction
40 mins -
Sunyani Traditional Council endorses Bawumia – NAPO government
42 mins -
Adutwum defends double track in Free SHS, citing research and positive outcomes
47 mins -
‘Prevent and condemn illegal pressure on Judiciary’ – AG to GBA
52 mins -
Mahama alleges biased development allocation by NPP
53 mins -
Do not rely solely on foreign investments for your operations, business told
57 mins -
Boeing strike ends as workers accept new contract
2 hours -
GAF will not relent in its quest to counter external threats – GOC Southern Command
2 hours -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
2 hours -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
2 hours