SIM Card Re-Registration: BoG Warns Mobile Money Loan Debtors to Clear Debt

The Bank of Ghana (BoG) is warning people who have taken out loans through Mobile Money platforms, but have deliberately refused to register their SIM cards in an effort to avoid repayment of the loans to rescind the decision and erase the debt.

A statement from the BoG pointed out that “failure to repay these loans will result in negative repercussions on the credit reports or backgrounds of borrowers and could subsequently damage any chance of obtaining loan facilities from other financial institutions and credit providers in the future”.

The statement adds that “Borrowers who have discarded their SIM cards are advised to contact their respective telecommunications service providers or lenders, to discuss repayment terms in order to avoid adverse information on their credit reports which may deny them access to future credit facilities”.

Mobile money transactions for first semester 2022

Total mobile money transactions in the first half of 2022 significantly exceeded check transactions by 366.7 billion yen, the Bank of Ghana Economic and Financial Data Summary has revealed.

This was, however, less than the ¢374.8 billion recorded during the same period of 2021.

A quick review of the data indicated that check transactions were higher in the second quarter of 2022 (April 2022 to June 2022) than the same time last year.

This may be due to the planned implementation of the electronic transaction tax in May 2022, but the concern is the growing use of cheques.

While total mobile money transactions in the first half of 2022 were ¢480 billion, check transactions were ¢113.3 billion.

This compared to ¢476.7 billion (Mobile Money) and ¢101.9 billion (cheque) during the same period in 2021.

According to Bank of Ghana data, the value of mobile money transactions in the first half of 2022 was January 2022 (¢76.2 billion), February 2022 (¢76.8 billion), March 2022 (¢90, ¢5 billion) and April 2022 (¢87.7 billion), May 2022 (¢71.4 billion) and June 2022 (¢77.4 billion).

For checks, the total value was January 2022 (¢16.1 billion), February 2022 (¢16.8 billion), March 2022 (¢21.8 billion), April 2022 (¢18.3 billion). ¢), May 2022 (¢20.3 billion) and June 2022 (¢20.0 billion).

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