The Chief Executive Officer of MobileMoney Fintech LTD, Shaibu Haruna, has called for stronger consumer protection frameworks to support Africa’s rapidly expanding digital lending ecosystem, cautioning that financial inclusion without adequate safeguards could expose millions of users to financial distress.
Speaking at the opening of the 3i Africa Summit in Accra, Mr. Haruna stressed that while digital lending has revolutionised access to credit across the continent, the industry must prioritise transparency, accountability, and trust to ensure sustainable growth.
Addressing policymakers, regulators, investors, and fintech leaders gathered at the summit, he warned that digital finance could become harmful if consumer protection measures fail to keep pace with innovation.
Digital Credit Expanding at Unprecedented Speed
According to Mr. Haruna, digital lending platforms are now capable of approving thousands of loans within seconds, transforming the way individuals and small businesses access financial services across Africa. “In the time it takes to complete a sentence, a digital lender in Accra, Kampala or Dar es Salaam can approve thousands of loans,” he said.
However, he questioned whether borrowers fully understand the terms attached to the loans they receive, including interest rates, penalties, and repayment obligations.
“But we must ask ourselves, did the borrower understand the interest rates, the penalties, and the terms? If not, then we must pause. Because without protection, there is no inclusion, and inclusion without protection is a trap.”
Shaibu Haruna
Mr. Haruna explained that the rapid adoption of financial technology has opened opportunities for millions of previously unbanked individuals to participate in the formal economy. Yet, he noted that the same innovation could also increase the risk of excessive borrowing and debt cycles if not properly regulated.
Transparency Must Be Embedded in Lending Products
The MobileMoney Fintech LTD CEO outlined four major priorities he believes should guide the future of responsible digital lending across Africa.
These include transparency, responsible usage, data fairness, and accountability.
He emphasised that customers must clearly understand the actual cost of borrowing before taking loans. “Customers must clearly understand the true cost of credit, interest rates, fees, and penalties,” he noted.
He further argued that transparency should not merely be treated as a compliance requirement but must become a core component of product design within the fintech ecosystem.
According to him, many first-time borrowers often access digital loans without fully understanding repayment conditions, creating vulnerabilities that could eventually undermine trust in digital financial systems.
Concerns Over Multiple Borrowing and Debt Distress
Mr. Haruna also expressed concern about the growing trend of multiple borrowing among digital finance users, saying some customers are trapped in cycles of debt due to easy access to quick loans from multiple providers.
He urged fintech companies and digital lenders to adopt more responsible onboarding processes and strengthen customer education initiatives. “As providers, we must ensure that access to credit does not become a pathway to debt distress,” he stressed.
He added that service providers have a duty to guide customers, particularly first-time borrowers, toward sustainable financial behaviour rather than focusing solely on loan disbursement volumes.
The fintech executive noted that Africa’s digital finance sector is at a critical stage where growth must be balanced with long-term customer welfare.
Call for Smarter Regulation
On the issue of regulation, Mr. Haruna advocated what he described as smarter and more adaptive regulatory systems capable of responding to the fast-changing digital finance landscape. “The answer is not just more regulation, but smarter regulation,” he said.
He called for risk-based regulatory frameworks, real-time data sharing systems, and outcome-driven supervision that focuses on consumer impact rather than rigid compliance procedures.
According to him, regulators and industry players must collaborate more effectively to prevent harmful lending practices while still encouraging innovation and financial inclusion.
He also warned that African markets risk repeating the mistakes seen in other jurisdictions where rapid digital lending growth resulted in widespread consumer abuse and financial instability. “It is not just a regulator issue or a service provider issue, it is a collective responsibility,” he said.
Mr. Haruna stressed that protecting consumers should involve every stakeholder within the ecosystem, including fintech firms, telecom companies, regulators, financial institutions, and policymakers.
Trust Remains the Foundation of Digital Finance
The 3i Africa Summit keynote speaker concluded his address by underscoring the importance of trust in sustaining Africa’s digital finance revolution. “Trust is the currency of digital finance. Without it, the entire ecosystem is at risk,” he stated.
His remarks resonated strongly with participants at the summit, many of whom acknowledged the need for stronger safeguards as digital financial services continue to expand across the continent.
The summit, which began on May 6, 2026, at the Destiny Arena in Accra, brought together more than six hundred delegates from across Africa and beyond.
Participants included regulators, fintech innovators, investors, development institutions, and policymakers focused on advancing innovation, investment, and impact within Africa’s digital finance sector.
The three-day event concluded on May 8, with discussions centred on building resilient and inclusive financial systems capable of supporting Africa’s economic transformation in the digital age.
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