During a breakout session at the 2026  3i Africa Summit in Accra, Mr. Haruna stated that digital lending had changed access to credit across Africa. It had especially benefited first-time borrowers and underserved communities, but he emphasized that the industry must now focus equally on responsible lending and transparency.

In his presentation titled “Strengthening Consumer Protection in High Velocity Credit and Banking Markets,” he pointed out that loan approval systems had become so quick that thousands of loans could be approved in seconds.

However, he raised concerns about whether borrowers truly understood the terms tied to these loans.

“Did the borrower really understand the interest rates? Do they know the penalties for late payments? Do they know how disputes are settled?” he asked.

“If the answers are unclear, we need to do more to protect our customers.”

He explained that digital lending had driven financial inclusion, enabling millions who were shut out of traditional banking to access credit quickly and easily.

He noted that unlike traditional banks, which often required lengthy paperwork and slow approvals, digital finance platforms now rely on big data and technology to make credit decisions almost instantly.

Yet, while access had improved significantly, Mr. Haruna cautioned that the speed and convenience of digital credit could pose risks if customers were not properly informed or protected.

He identified transparency, responsible borrowing, fair data practices, and customer recourse systems as key areas for fintech operators and regulators.

Mr. Haruna also warned against customers becoming trapped in cycles of repeated borrowing or taking out multiple loans from different platforms without appropriate affordability checks.

He stressed that consumer protection should not rest solely on regulators. Service providers and customers also had important roles to play.

“It is a collective responsibility,” he said, calling on stakeholders across the ecosystem to work together to avoid the kind of debt crises seen in some other markets.

Later, in an interview on the sidelines of the summit, the MobileMoney Fintech CEO stated that lenders need to design products in ways that are easy for customers to understand, especially regarding pricing and repayment terms.

He added that borrowers must also use loans wisely and repay them on time to keep the overall cost of borrowing low within the financial system.

Mr. Haruna mentioned that MobileMoney Fintech had already launched a “Responsible Borrowing Campaign” aimed at educating customers on repayment habits and sustainable credit usage.

“It’s actually cool to borrow and pay,” he emphasized.

The 3i Africa Summit, which began in Accra on Wednesday, gathered policymakers, regulators, fintech leaders, and investors from across the continent to discuss the future of Africa’s digital finance landscape under the theme of innovation, investment, and impact.