Chief Executive Officer of Mobile Money Fintech Limited, Shaibu Haruna, has called for stronger transparency and responsible borrowing practices as digital lending rapidly expands across Ghana and Africa, warning that poor lending and repayment behaviour could increase borrowing costs for everyone.
Speaking in an interview with journalists on the sidelines of the 3i Africa Summit 2026, Shaibu Haruna said the rapid rise of digital lending platforms has significantly improved access to credit, especially for first-time borrowers.
According to him, the expansion of digital lending is creating opportunities for many people who previously had limited or no access to formal credit services.
However, he stressed that the growth of the sector also raises critical concerns around consumer protection and responsible lending.
“As lenders, we must ensure that we are lending responsibly, but consumers must also borrow responsibly,” he stated.
Haruna explained that one of the major issues industry players are discussing is transparency in pricing. He noted that borrowers must clearly understand how much loans cost and be able to compare different loan products before making decisions.
He said financial service providers must design products in ways that make pricing easy to understand for the average customer, adding that transparency is essential in building trust and confidence in digital financial services.
“For me, the key takeaway from today’s session is how practitioners can build transparency into products so customers will trust and continue to use these services,” he said.
Beyond the responsibilities of lenders, Haruna also urged customers to use borrowed funds productively and honour repayment obligations.
He explained that responsible borrowing helps sustain the credit cycle and reduces the overall cost of borrowing across the financial ecosystem.
“Borrowing is good, but the money must be used productively so that repayment becomes possible,” he noted.
According to him, when borrowers default, service providers factor those losses into future pricing models, ultimately making loans more expensive for everyone.
“If people borrow and fail to repay, lenders will price that risk into their services, and borrowing becomes costly for society as a whole,” he explained.
Haruna described the discussions at the summit as timely and important, expressing optimism that stakeholders in the industry would leave with practical ideas to improve digital lending practices and strengthen consumer protection frameworks.
