Chief Executive Officer of MobileMoney Fintech LTD, Shaibu Haruna, has issued a stark warning about Africa's rapidly expanding digital lending sector, arguing that financial inclusion without adequate consumer protection frameworks poses significant risks to borrowers across the continent.
Speaking at the 3i Africa Summit in Accra on May 6, 2026, Haruna delivered a keynote address on responsible digital lending and consumer protection at the Destiny Arena. The summit opened with his urgent call for the industry to prioritize transparency and accountability alongside rapid credit expansion.
"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."
Speed Versus Safety in Digital Credit
Haruna acknowledged that digital lending has revolutionized credit access across Africa, enabling millions of individuals and small businesses to join the formal economy. However, he cautioned that this same technological innovation could create dangerous over-indebtedness scenarios without proper management systems.
The MobileMoney Fintech CEO posed a critical question to the industry: "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?"
Four-Point Framework for Responsible Lending
Haruna outlined four essential priorities that digital lending providers must address: transparency, responsible usage, data fairness, and accountability. He emphasized that customers must have clear understanding of credit costs, interest rates, fees, and penalties before accessing loans.
The MMFL chief executive stressed that transparency cannot be an afterthought. "Transparency must be embedded in the design of every product," he told summit attendees, highlighting the need for upfront disclosure of all loan terms.
Addressing Multiple Borrowing Concerns
Haruna raised specific concerns about customers caught in multiple borrowing cycles, urging providers to implement more careful customer onboarding and credit management processes. He emphasized the industry's responsibility to guide borrowers toward sustainable financial behavior.
"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."
Call for Smarter Regulation
Rather than advocating for more restrictive oversight, Haruna called for adaptive regulatory approaches that balance innovation with consumer protection. He outlined his vision for effective regulatory frameworks in the digital lending space.
"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 stated during his keynote address.
The industry leader emphasized that consumer protection represents a collective responsibility extending beyond individual service providers or regulatory bodies. He warned that failure to act responsibly could replicate negative experiences from other markets where rapid digital lending growth created unintended consequences.
Trust as Digital Finance Currency
Haruna concluded his address by positioning trust as the fundamental element underpinning sustainable digital finance ecosystems. His final message to summit participants highlighted the existential importance of maintaining consumer confidence.
"Trust is the currency of digital finance. Without it, the entire ecosystem is at risk."
The 3i Africa Summit continues to address critical issues facing Africa's financial technology sector, bringing together industry leaders, regulators, and stakeholders to discuss sustainable growth strategies. The event highlights growing concerns about balancing rapid digital innovation with consumer protection across African markets, reflecting broader discussions covered in our security coverage of financial technology developments.