Alhassan Mutawakilu, a financial analyst with Dalex Finance, is unimpressed with the Bank of Ghana’s recent warning to people who have taken out loans through Mobile Money platforms but refusing to repay the loans.
The BoG, in its statement, says that people who fail 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 I’m 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; But when I saw the press statement, 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,”