The Chief Executive Officer (CEO) of Mobile Money Fintech Limited, Shaibu Haruna, has called for transparent pricing and responsible borrowing in Ghana’s digital lending sector, warning that loan defaults raise credit costs for everyone.
Haruna made the remarks in an interview on the sidelines of the 3i Africa Summit 2026, where discussions centred on expanding financial access while protecting consumers during a period of rapid digital credit growth across Ghana and Africa.
He acknowledged that digital lending platforms have significantly improved access to credit, particularly for first-time borrowers previously excluded from formal financial services. He said the expansion creates genuine opportunities but simultaneously raises urgent questions about consumer protection and lending conduct.
On pricing transparency, Haruna said financial service providers must design products that make the true cost of credit straightforward to understand, giving borrowers the ability to compare loan options before committing. He stressed that clarity in pricing is foundational to building lasting trust in digital financial services.
“Borrowing is good, but the money must be used productively,” he said, adding that productive use of credit makes repayment possible and sustains the broader credit cycle.
Haruna explained that when borrowers default, lenders absorb those losses and build them into future pricing models, making credit more expensive across the entire ecosystem. He said responsible repayment behaviour keeps borrowing affordable and protects access to credit for the wider public, particularly for low-income and first-time borrowers who benefit most from competitive pricing.
He described the summit’s discussions as timely, expressing confidence that industry stakeholders would leave with practical ideas to raise digital lending standards and strengthen consumer protection frameworks across the continent.
