Chief Executive Officer of MobileMoney Fintech LTD, Shaibu Haruna, has called for stronger consumer protection frameworks to underpin Africa’s fast-growing digital lending ecosystem, warning that financial inclusion without safeguards could do more harm than good.
Delivering a keynote address on responsible digital lending and consumer protection at the opening of the 3i Africa Summit in Accra, Haruna stressed that the speed of digital credit must be matched with transparency, accountability, and trust.
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In the time it takes to complete a sentence, a digital lender in Accra, Kampala or Dar es Salaam can approve thousands of loans. 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,” he said.
He noted that digital lending has transformed access to credit across Africa, enabling millions of individuals and small businesses to participate in the formal economy. However, he cautioned that the same innovation could lead to over-indebtedness if not effectively managed.
Credit today moves at the speed of light, powered by data and technology. But as access expands, a critical question confronts all of us: are we building systems that are truly responsible and sustainable?” Haruna asked.
The MMFL CEO outlined four critical priorities for the industry thus transparency, responsible usage, data fairness, and accountability. “Customers must clearly understand the true cost of credit, interest rates, fees, and penalties,” he emphasised, adding that “transparency must be embedded in the design of every product.”
Haruna also raised concerns about multiple borrowing and debt cycles among users, urging providers to take a more deliberate approach to customer onboarding and credit management.
As providers, we must ensure that access to credit does not become a pathway to debt distress. We have a responsibility to guide customers, especially first-time borrowers, toward sustainable financial behaviour,” he reiterated.
On regulation, he called for a more balanced and adaptive approach. “The answer is not just more regulation, but smarter regulation. We need risk-based frameworks, real-time data sharing, and outcome-driven supervision that focuses on customer impact.”
He stressed that consumer protection must be a shared responsibility across the ecosystem. “It is not just a regulator issue or a service provider issue, it is a collective responsibility,” Haruna said. “If we fail to act, we risk repeating the experiences of other markets where rapid digital lending growth led to unintended consequences.”
Haruna concluded by emphasising the central role of trust in the future of digital finance. “Trust is the currency of digital finance. Without it, the entire ecosystem is at risk.”
The 3i Africa Summit, which kicked off on May 6, 2026, at the Destiny Arena in Accra, brought together over six hundred delegates, including policymakers, regulators, fintech leaders, and investors. The Summit ended on Friday, May 8, focusing on advancing innovation, investment, and impact across Africa’s digital finance landscape.
