Consumers welcome BoG directive for lenders to refund undisclosed charges paid by borrowers

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The Bank of Ghana (BoG) has announced that charges not disclosed to a borrower in a loan agreement should be considered null and void.

Describing borrowers who may suffer such ordeal as victims, the Bank of Ghana also directed commercial banks and lenders to refund such monies to the borrowers.

According to some consumers, this intervention was long overdue and would help to overcome the losses they may have acquired in their quest to pay back loans they took from banks and other financial institutions.

In an interview with Joy Business, some of them admitted to have fallen prey to such schemes by some banks and microfinance organizations.

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