Stanbic Bank Ghana has warned that borrowers taking several digital loans at once risk severe debt pressure, urging more responsible lending across the continent.
Darwin Mireku, Head of Strategy and Enablement at the bank, raised the concern during a panel on access versus protection at the 3i Africa Summit 2026. He said the rapid spread of digital credit has let many consumers hold multiple loans at the same time, often without proper checks on their ability to repay.
He cautioned that poorly managed borrowing eventually builds into debt strain that threatens both individuals and the wider system. Mireku said expanding credit should not be the only measure of success, and that the industry must focus more on the financial outcomes customers actually experience.
He credited fintech firms and digital lenders with reaching people that traditional banks struggled to serve profitably, arguing they created entirely new markets rather than simply taking share from banks. Simplified onboarding, faster service and platforms built around customer habits have improved the borrowing experience, he acknowledged.
Even so, Mireku said banks remain central to the system because of their capital strength, regulatory oversight and capacity to absorb losses when credit risk turns bad. He called for closer collaboration between the two camps, with fintechs supplying speed and innovation and banks contributing stability, governance and long term products.
“It should not be about who is winning,” he said.
Mireku added that genuine financial inclusion stretches beyond loans to savings, investments and insurance that help people build lasting security. Partnerships between banks and digital lenders, he argued, could guide customers from basic digital services into fuller formal banking relationships and strengthen financial resilience across Africa.
