The CEO of MobileMoney Limited has assured that the separation will not affect services.

 

Shaibu Haruna defends lending rates as structural, calls for industry-wide default framework to protect the credit economy.

Shaibu Haruna, CEO of MobileMoney Limited, has called for a unified credit default framework across Ghana’s digital financial ecosystem, arguing that borrowers who default on one platform should be temporarily locked out of all providers .

Speaking on Citi FM, Haruna emphasized that the current fragmented approach to credit risk undermines the long-term sustainability of digital lending.

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“We need to get into a framework where you default in one environment and then you are locked out of the entire financial ecosystem,” Haruna stated .

The proposal signals a strategic shift for MobileMoney Limited, moving beyond its own platform to advocate for a sector-wide enforcement mechanism. Haruna noted that better credit scoring models and falling costs of capital would help bring down lending rates over time but stressed that structural constraints currently drive high prices.

Addressing criticism regarding the cost of mobile loans, the MobileMoney Limited CEO pointed to the risks of unsecured lending and the challenge of onboarding borrowers with no formal credit history.

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“We have embarked on a journey of financial inclusion and bringing people into the creditors’ economy. That transition comes with its own underlying challenges,” he said .

The Push for a Credit Economy

The comments come as scrutiny of digital lending rates intensifies in Ghana. MobileMoney Limited, which recently completed its separation into a standalone entity in late 2025, is championing a shift from a prepaid economy to a credit-based one .

The restructuring, required under the Payment Systems and Services Act, 2019 (Act 987), positions MobileMoney Limited to eventually list on the Ghana Stock Exchange while maintaining a 30% Ghanaian ownership structure .

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Research published in 2025 by the Institute of Statistical, Social and Economic Research (ISSER) found that approximately 40% of mobile loan borrowers repay in full, while about 5% fail to repay entirely . Haruna argues that removing chronic defaulters will reduce costs for responsible borrowers.

Financial Performance and Risk Management

MobileMoney Limited recorded a revenue of GH¢6.0 billion in its 2025 full-year results, with advanced services, including lending, rising 55.9% to GH¢2.0 billion .

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Haruna said the company will continue investing in artificial intelligence tools to improve fraud monitoring and credit assessment. This follows the recent temporary suspension of approximately 9,000 merchant accounts over suspicious activity patterns .

While a unified blacklist is not yet operational, MobileMoney Limited is actively in dialogue with the Bank of Ghana and agent association to strengthen the ecosystem.