Accra, Ghana – May 7, 2026 – Shaibu Haruna, CEO of MobileMoney Fintech Limited (MMFL), has issued a stark warning regarding the rapid expansion of digital lending across Africa, calling for strengthened consumer protection measures to prevent potential harm. Speaking at the 3i Africa Summit in Accra, Haruna emphasized that the speed of digital credit access must be paralleled by transparency, accountability, and trust to ensure genuine financial inclusion.
Context: The Rise of Digital Lending in Africa
Africa’s digital lending sector has experienced exponential growth, driven by increased mobile penetration and a significant unbanked population. Fintech companies have leveraged technology to provide swift credit access to individuals and small businesses previously excluded from formal financial systems. This has been hailed as a major driver of financial inclusion, empowering economic participation and fostering entrepreneurship.
However, this rapid innovation has also raised concerns about potential pitfalls. The ease and speed with which loans can be disbursed digitally, while beneficial, also carry risks if not managed with robust consumer safeguards. Issues such as predatory lending practices, unclear terms, and the potential for over-indebtedness have emerged as critical challenges that need addressing.
Transparency and Responsible Usage at the Forefront
Haruna articulated that the swiftness of digital credit, which can approve thousands of loans in moments, necessitates a pause to evaluate borrower comprehension. “Did the borrower understand the interest rates, the penalties, and the terms? If not, then we must pause,” he stated during his keynote address on responsible digital lending. He posited that financial inclusion without adequate safeguards could inadvertently become a
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