Chief Executive Officer of MobileMoney Fintech Limited Ghana, Haruna Shaibu, has called for stronger consumer protection measures in Africa’s rapidly expanding digital lending sector, warning that financial inclusion without safeguards could expose millions to debt distress.
Speaking on the topic "Strengthening Consumer Protection in High Velocity Credit & Banking Markets," at the 3i Africa Summit, Shaibu said although digital lending had transformed access to credit across the continent, the industry must now prioritise trust, transparency and responsible lending practices.
Digital lending has been a game changer across Africa, but without protection there is no true inclusion, and inclusion without protection becomes a trauma,” he stated.
According to him, advances in big data and financial technology have drastically reduced loan approval times from weeks to seconds, allowing millions of previously excluded individuals and small businesses to access credit with unprecedented speed.
However, he cautioned that the rapid growth of digital credit also presents serious risks, including over-borrowing, multiple loan stacking, hidden loan costs, and potential misuse of customer data.
Shaibu warned that Africa could face debt crises similar to those experienced in markets such as Kenya and South Africa if operators, regulators and consumers fail to adopt responsible lending and borrowing practices.
We must ensure customers clearly understand interest rates, penalties and repayment obligations. Trust must become the industry’s licence to operate,” he stressed.
He explained that protecting borrowers should not be left to regulators alone, but should involve financial service providers, policymakers and customers working collectively to build a sustainable digital credit ecosystem.
As part of proposed solutions, the MobileMoney CEO advocated real-time data sharing among lenders, simplified loan agreements, consequence-based regulation, stronger financial literacy campaigns and “cooling-off” periods to discourage customers from immediately taking new loans after repayment.
For lenders, speed may be a competitive advantage, but trust must remain our licence to operate,” he said.
Shaibu also highlighted MobileMoney Ghana’s ongoing responsible borrowing campaign, which seeks to educate customers on loan repayment obligations, the risks of default and the importance of prudent borrowing.
The discussion formed part of wider conversations at the summit on digital finance, financial inclusion, fintech regulation and the future of Africa’s digital economy.
The 3i Africa Summit is a premier continental platform dedicated to driving Africa’s digital transformation agenda through Innovation, Investment and Impact.
Organised jointly by the Bank of Ghana and Ghana Interbank Payment and Settlement Systems (GhIPSS), with support from partners including MTN Group and the Global Finance & Technology Network, the summit convenes central bank governors, policymakers, regulators, fintech leaders, investors and development institutions from across Africa and beyond.
Hosted at the Destiny Arena in Accra, the forum provides a strategic space for dialogue on strengthening digital payments, expanding financial inclusion, improving cross-border interoperability and advancing regulatory harmonisation across African markets.
The summit also explores critical issues such as mobile money growth, digital identity systems, fintech innovation, investment in digital infrastructure and the role of technology in supporting the African Continental Free Trade Area (AfCFTA).
At its core, the 3i Africa Summit seeks to accelerate Africa’s transition from fragmented financial systems to a more connected and integrated digital economy capable of driving trade, innovation and inclusive economic growth across the continent.
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