Kofi Ahovi

  Dickson Amoung-Yam, MTN Ghana’s Field Service Manager (Network) in Kumasi, has urged   customers of the Mobile Money (MOMO) to repay the   loans they borrow from their accounts. He stated that “Borrowers who take loans and refuse to pay can no longer escape because of the Ghana Card they used to register on their accounts.” Mr Amoung-Yam gave the advice in an interview with the Ghana   News Agency (GNA) on the sidelines of a media and stakeholders’ engagement organised by the MTN Ghana in Sunyani. He expressed worry that: “previously, some people used their SIM cards to access loans and later disposed them off for new ones to avoid repayment,” warning that if such persons tried to register another SIM card, they would be detected because their details are already in the service system”. Amoung-Yaw encouraged all those who had borrowed money from the MOMO services to pay back on time so that other individuals could also benefit. He reiterated that ...

  Wilful loan defaulters could soon face a five-year ban from accessing credit from any regulated financial institution in Ghana. The new Bank of Ghana (BoG) directive also requires commercial banks and other regulated lenders to publish the names of such defaulters twice a year, on June 30 and December 31, in at least two national daily newspapers and on their websites in a prescribed format. These measures form part of BoG’s latest regulatory actions to curb rising non-performing loans (NPLs) and reduce risks to the profitability, liquidity, and solvency of the banking sector. The central bank has already notified all regulated financial institutions of the directives and published explanatory notes for the public. Defining Wilful Loan Default Under the new rules, a borrower is deemed a wilful defaulter if they fail to repay a loan despite having the capacity to do so, divert loan funds for other purposes, or secure a loan through falsified collateral or fraudulent documentation....