The Chief Executive Officer (CEO) of MobileMoney Fintech Limited (MMFL), Shaibu Haruna, has warned that expanding financial inclusion across Africa without strong consumer protection frameworks risks pushing millions of users into debt distress and eroding confidence in the continent’s fast-growing digital financial ecosystem.
Shaibu delivered the caution in a keynote address on responsible digital lending at the opening of the 3i Africa Summit in Accra on May 6, 2026, where policymakers, regulators, fintech leaders and investors gathered to discuss the future of Africa’s digital economy.
He acknowledged that digital lending has dramatically improved access to credit for individuals and small businesses but warned that rapid expansion without adequate controls could trap borrowers in debt cycles rather than lift them into genuine financial inclusion.
“Without protection, there is no inclusion, and inclusion without protection is a trap,” he said.
Shaibu noted that digital lenders can now approve thousands of loans within seconds across cities including Accra, Kampala and Dar es Salaam, but questioned whether borrowers fully understand the interest rates, penalties and repayment terms attached to such credit.
He outlined four priorities he described as urgent for the sector: transparency in product design, responsible lending practices, data fairness and accountability across the digital finance value chain. He stressed that customers must clearly understand the full cost of borrowing and that transparency should be embedded in every product from the outset rather than treated as optional.
On regulation, Shaibu called for a shift from rigid rule-based oversight to adaptive supervisory systems built around risk-based frameworks, real-time data sharing and outcome-driven supervision focused on customer impact.
“The answer is not just more regulation, but smarter regulation,” he said.
He concluded by framing trust as the foundation of sustainable digital finance growth, warning that failure to act on consumer protection risked repeating the harmful experiences of other markets where unchecked digital lending growth led to widespread repayment difficulties.
The 3i Africa Summit brought together more than 600 delegates over three days, concluding on May 8 with a renewed call for collaboration among regulators, innovators and investors to build a safer and more inclusive digital financial future for Africa.
