Shaib Haruna, CEO of MobileMoney Fintech LTD, referred to as for stronger shopper safety frameworks to help Africa’s quickly rising digital lending ecosystem, warning that monetary inclusion with out safeguards may do extra hurt than good.
Delivering a keynote speech on accountable digital lending and shopper safety on the opening ceremony of the 3i Africa Summit in Accra, Haruna harassed that the velocity of digital belief have to be matched by transparency, accountability and belief.
“By the point the judgment is full, digital lenders in Accra, Kampala and Dar es Salaam will have the ability to approve hundreds of loans. However we should ask ourselves: Did the borrower perceive the rates of interest, penalties and phrases? If not, we must always pause.”
“As a result of there isn’t any inclusion with out safety, and inclusion with out safety is a entice,” he mentioned.
He famous that digital lending has reworked entry to credit score throughout Africa, enabling tens of millions of people and small companies to take part within the formal financial system.
However he warned that the identical innovation may result in insolvency if not managed successfully.
“Belief as we speak strikes on the velocity of sunshine, powered by knowledge and expertise. However as entry expands, all of us face an necessary query: Are we actually constructing accountable and sustainable techniques?” requested Haruna.
The MMFL CEO outlined 4 key priorities for the business: transparency, accountable use, knowledge equity, and accountability. “Clients want a transparent understanding of the true price of credit score, rates of interest, charges and penalties,” he harassed, including that “transparency must be constructed into the design of each product.”
Haruna additionally raised issues about a number of borrowings and debt cycles amongst customers, and urged suppliers to take a extra cautious method to buyer onboarding and credit score administration.
“As suppliers, we should be certain that entry to credit score doesn’t grow to be a path to debt disaster. We now have a duty to information our clients, particularly first-time debtors, in the direction of sustainable monetary conduct,” he reiterated.
On regulation, he referred to as for a extra balanced and adaptive method. “The reply isn’t just extra regulation, however smarter regulation. It requires risk-based frameworks, real-time knowledge sharing, and results-oriented oversight targeted on buyer influence.”
He emphasised that shopper safety have to be a shared duty throughout the ecosystem. “This isn’t only a regulator or service supplier challenge, this can be a collective duty.”
Haruna mentioned. “If we don’t take motion, we threat repeating the experiences of different markets the place the fast progress of digital lending has had unintended penalties.”
Haruna concluded by highlighting the central function of belief in the way forward for digital finance. “Belief is the forex of digital finance. With out belief, all the ecosystem is in danger.”
The 3i Africa Summit, which opened on Might 6, 2026 on the Future Area in Accra, attracted over 600 contributors together with policymakers, regulators, fintech leaders and traders. The summit concluded on Friday 8 Might and targeted on driving innovation, funding and influence throughout Africa’s digital monetary panorama.
About MobileMoney Fintech LTD
MobileMoney Fintech LTD is a subsidiary of MTN Ghana chargeable for cellular monetary providers. Based in 2009, the corporate has greater than 17 million subscribers. The corporate gives a variety of cellular monetary providers, together with fee options, remittances, banktech, insurtech, financial savings and loans, with the purpose of selling monetary inclusion and financial empowerment.
