The chief executive of MobileMoney Fintech Limited, Shaibu Haruna, has called for stronger consumer protection rules. These rules are needed to support Africa’s growing digital lending market. He warned that financial inclusion without protection could cause more harm than good.
Mr. Haruna spoke at the 3i Africa Summit in Accra. He highlighted that digital loans can be approved very quickly. He questioned if borrowers truly understand loan terms and interest rates. He stated that inclusion without protection is a trap, not a benefit.
Digital lending has made it easier for people and small businesses to get credit. This helps more people join the formal economy. However, the innovation could lead to people borrowing too much. This was stated on May 6, 2026. The summit brought together over 600 delegates. They focused on digital finance innovation.
Mr. Haruna emphasized four key areas: transparency, responsible use, data fairness, and accountability. He said customers must clearly understand all loan costs. This includes interest, fees, and penalties. Transparency should be part of every product’s design. He also raised concerns about people borrowing multiple loans.
He urged lenders to be more careful during customer onboarding. This helps prevent customers from falling into debt traps. Lenders have a responsibility to guide borrowers toward sustainable financial habits. This is especially important for first-time borrowers. Mr. Haruna said regulation needs to be smarter and more adaptive. It should focus on customer impact.
He stressed that protecting consumers is a shared job. It involves regulators and service providers. If action is not taken, markets could see unintended consequences. This is similar to what happened in other regions with rapid digital lending growth. Trust is essential for the future of digital finance. Without it, the entire system is at risk.
The 3i Africa Summit concluded on May 8, 2026. It aimed to advance innovation and investment in Africa’s digital finance sector. Over 600 participants attended the event.