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Telecommunication companies are struggling to retrieve mobile Money loans from defaulters. Prior to that, the Bank of Ghana issued a warning to defaulters on the consequence of their actions. The consequences of default are not only the penalty of a 12.5% charge on the amount borrowed. But also a negative impact on your credit score, thus disqualification from the services for three months.
The impact of late repayment depends on how often you have paid late and how long you took to make repayments. After many days of non-repayment of MTN Qwik loans, they will deduct any money that enters your wallet till they pay the loan off.
See the full statement below