Why I regret delaying telcos’ entry into financial services – Sanusi

Muhammadu Sanusi II, the Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), has revealed that delaying the entry of telecommunications companies into financial services remains one of his major regrets in office.

Sanusi made the disclosure on Wednesday at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey organised by Enhancing Financial Innovation & Access (EFInA).

The former CBN governor said telecom companies could have played a bigger role in expanding access to financial services if they had been allowed into the sector earlier during his tenure.

His comment came as stakeholders examined the findings of the 2026 A2F survey and discussed ways to improve financial inclusion across Nigeria.

“One of my regrets as CBN governor was delaying telcos’ entry into financial services,” the said.

The economist said telcos already had the infrastructure and reach that could have helped accelerate financial inclusion, particularly in underserved communities.

Sanusi said financial inclusion should not be measured simply by the number of people who have bank accounts or can transfer money.

“Opening an account and moving money is not the same thing as earning money or moving people out of poverty,” he said.

The former CBN governor said financial services should be connected to the real economy, particularly agriculture, manufacturing, and other productive activities.

Citing an example of groundnut farmers in Kano, he said a company producing ready-to-use therapeutic food for malnourished children had to import peanuts from Argentina because local farmers were not producing the commodity to the required quality.

Sanusi said the solution was not simply to put farmers on digital financial platforms but to train them, improve productionand connect them with buyers.

He said financial inclusion should create a link between farmers, markets, and manufacturers.

Sanusi also urged the CBN to prioritise price stability, saying inflation remains a major threat to savings and wealth creation.

“There is no enemy to savings, no enemy to wealth that is bigger than inflation,” he said.

He also advocated using transaction data generated by fintech companies and payment service providers to develop savings, pension, and insurance products for Nigerians who may not have traditional banking relationships.

Sanusi said platforms with extensive transaction data and rural reach could channel small amounts from transactions into savings, pensions, or insurance.

He suggested that “even N100” could be directed from a transaction towards savings or insurance where appropriate systems exist.

The traditional ruler also said insurance products could protect market traders against risks such as fire and farmers against crop failures.

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