Bank of Ghana sends strong warning to Qwikloan defaulters

The Bank of Ghana (Bog) has sent a strong warning to Ghanaians who took loans from Qwikloan and XpressLoan and have refused to pay.

Mobile money booth

According to the central bank, Qwikloan and XpressLoan customers who have taken loans and failed to pay would attract negative repercussions.

In a statement, the apex bank said data on all mobile money loan customers are available in the database of credit bureaus.

It noted that some defaulters have decided to discard their SIM cards.

"As a result, failure to repay such loans will attract negative repercussions on borrowers' credit reports and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future," the statement added.

Earlier, Communications Minister Ursula Owusu-Ekuful warned people who do owe Qwikloan do not want to have their SIM cards registered to avoid settling their loans.

She described the act of the loan defaulters as corruption.

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