The Chief Executive Officer of MobileMoney Fintech Ltd, Shaibu Haruna, has called for stronger consumer protection frameworks to keep pace with the rapid growth of digital lending and mobile financial services across Africa.
Speaking at the 3i Africa Summit—which stands for Innovation, Investment and Impact—Haruna highlighted the opportunities and risks emerging from high-velocity digital credit markets, stressing that while access to finance has improved significantly, safeguarding consumers must remain a top priority.
Delivering a keynote on “Strengthening Consumer Protection in High-Velocity Credit & Banking Markets,” he noted that digital lending has transformed financial inclusion by enabling millions of previously underserved individuals and small businesses to access credit within seconds.
However, he cautioned that the speed and scale of digital finance also introduce new risks, including over-indebtedness, data bias, and lack of transparency in loan terms.
Digital lending has been a game changer. Millions of people who were previously excluded now have access to credit at unprecedented speed,” he said.
Haruna emphasised that without adequate safeguards, the same systems designed to empower users could lead to harmful debt cycles.
Without protection, there is no inclusion—and inclusion without protection becomes a trap,” he warned.
He identified transparency, fair pricing, and effective complaint resolution mechanisms as critical pillars for building trust in digital finance ecosystems. According to him, customers must clearly understand interest rates, penalties, and repayment terms in simple, accessible formats.
The MoMo CEO also raised concerns about the growing use of data-driven credit scoring, noting that algorithmic bias could unintentionally exclude certain groups of people.
As we process large data sets, we must be mindful of biases that may exclude customers based on income levels, location, or behavioural patterns,” he said.
Haruna called for a collective approach involving regulators, service providers, and consumers to ensure responsible growth of the sector.
Consumer protection is not just a regulator’s responsibility—it is a shared duty across the entire ecosystem,” he stated.
He urged regulators to adopt smarter, more adaptive frameworks rather than simply increasing regulation, suggesting measures such as risk-based lending rules, real-time data sharing, and outcome-based supervision.
At the industry level, he encouraged fintech firms to implement responsible lending practices, including cooling-off periods between loans and simplified terms and conditions.
Speed may be our competitive advantage, but trust must be our licence to operate,” he concluded.
Haruna further noted that Africa is transitioning from basic mobile money services to a more advanced digital finance ecosystem driven by smartphones, data, and emerging technologies such as artificial intelligence. He described the shift as a major opportunity for the continent to lead global innovation in financial services.
The 3i Africa Summit brought together policymakers, regulators, fintech leaders and investors to explore strategies for building inclusive, resilient and innovative financial systems across emerging markets.
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