Stanbic Bank calls for responsible digital lending

Darwin Mireku, Head of Strategy and Enablement at Stanbic Bank, is calling for a more balanced approach to digital lending across Africa, emphasizing that financial innovation must center on sustainability and positive customer outcomes. Speaking at the 3i Africa Summit 2026, Mireku highlighted the dual nature of the rapid growth in digital credit services – presenting both significant opportunities and emerging risks that the industry must collectively address.

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Expanding access to credit alone should not become the sole measure of success for financial institutions and fintech platforms.

"Expanding access to credit alone should not become the sole measure of success for financial institutions and fintech platforms," Mireku stated during a panel discussion on "Access vs. protection: The next chapter of financial health in Africa." He stressed that as the industry evolves, better customer outcomes should take precedence over simply increasing credit accessibility.

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However, as the industry evolves, better customer outcomes must become central to what we do instead of simply increasing access to credit.

Mireku cautioned against irresponsible lending practices, particularly in informal sectors, warning they could inflict long-term financial distress on consumers and expose the broader financial ecosystem to systemic risks. He pointed to concerns about individuals taking multiple digital loans without adequate assessment of their repayment capacity, which can lead to significant debt pressure.

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If situations where individuals hold numerous loans at the same time are not managed responsibly, it eventually translates into debt pressure.

While acknowledging the transformative role of fintechs and digital lenders in expanding financial inclusion and creating new markets, Mireku also underscored the continued importance of traditional banks. He cited their strong capital structures, regulatory oversight, and customer trust as critical elements, especially when institutions must absorb losses when credit risks materialize. Mireku advocated for a collaborative approach between banks and fintechs to ensure responsible growth in Africa's digital finance landscape.

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That regulatory responsibility and credibility remain very important.