Stanbic Bank calls for responsible digital lending

Stanbic Bank has called on financial institutions and fintech operators across Africa to adopt a more balanced approach to digital lending, warning that irresponsible credit practices could undermine the continent’s financial future.

The Head of Strategy and Enablement at Stanbic Bank, Mr Darwin Mireku, made the call while speaking at the 3i Africa Summit 2026 in Accra. He stressed that sustainability and positive customer outcomes must remain at the centre of financial innovation.

Mr Mireku, who also serves as the Acting Head of Personal and Private Banking at Stanbic Bank Ghana, was speaking during a panel discussion on the topic: “Access vs. Protection: The Next Chapter of Financial Health in Africa.”

He noted that while the rapid growth of digital credit services across the continent presented significant opportunities, it also brought emerging risks that industry players must address collectively.

According to him, expanding access to credit alone should not become the sole measure of success for financial institutions and fintech platforms operating within Africa’s evolving digital finance landscape.

“We all understand the importance of access to financing for economies like ours. However, as the industry evolves, better customer outcomes must become central to what we do instead of simply increasing access to credit,” he said.

Risk

Mr Mireku warned that irresponsible lending practices, particularly within the informal sector, could create long-term financial distress for consumers and expose the broader financial ecosystem to systemic risks.

He cited concerns about customers taking multiple loans simultaneously through digital platforms without adequate assessments of their repayment capacity or income streams.

“If situations where individuals hold numerous loans at the same time are not managed responsibly, it eventually translates into debt pressure. Over time, that can create risks not only for customers, but for the wider financial system,” he explained.

Fintechs 

Mr Mireku observed that Africa’s financial ecosystem was changing rapidly, driven largely by fintechs, digital banks, and other emerging financial platforms that were creating access opportunities for previously underserved populations.

“Banks were not always structured to profitably deploy very small loan amounts across large customer groups. What fintechs and digital lenders have done is to create entirely new markets that did not previously exist,” he said.

He rejected the notion that fintechs were simply taking market share away from traditional banks, arguing instead that they were expanding the financial ecosystem and introducing services that addressed gaps banks had not fully catered for.

He also acknowledged that fintech companies had significantly improved customer experiences by reducing friction, simplifying onboarding processes, and designing platforms that aligned more closely with customer lifestyles and digital habits.

Despite these advancements, Mr Mireku emphasised that banks continued to play a critical role within the financial sector because of their strong capital structures, regulatory oversight, and customer trust.

“When a bank takes on credit risk and things go wrong, the institution must absorb those losses through its capital. That regulatory responsibility and credibility remain very important,” he stated.

Collaboration

He, therefore, called for stronger collaboration between banks and fintechs to create a more resilient and inclusive financial ecosystem across Africa.

According to him, fintechs brought innovation, speed, and customer-focused experiences, while banks contributed financial strength, governance, long-term financial products, and institutional stability.

“It should not be about who is winning. The objective should be how we collectively build a stronger ecosystem that benefits customers and supports sustainable financial inclusion,” he said.

Mr Mireku further stressed that financial inclusion extended beyond access to credit alone. He explained that long-term financial health also depended on customers gaining access to savings products, investments, insurance, and other structured financial solutions.

He added that partnerships between banks and digital lenders could help nurture customers who began their financial journeys on digital platforms and gradually integrate them into broader formal banking systems.

Call on Regulators

He also urged regulators to evolve alongside technological innovation to ensure that consumer protection frameworks remained effective as digital finance expanded.

“The pace of innovation is moving very quickly. Regulation must continue to evolve in a way that protects customers while still allowing innovation to thrive,” he said.