Sanusi says he regrets delaying telcos’ entry into Nigeria’s financial services

Former Central Bank of Nigeria Governor and Emir of Kano, Muhammadu Sanusi II, has admitted that delaying the entry of telecommunications companies into Nigeria’s financial services sector was a mistake. Sanusi said his decision was influenced by concerns over the safety of depositors’ money following the country’s banking crisis. However, he later realised that telecoms […] I’m responsible for delaying telcos’ entry into financial services – Sanusi

 Muhammadu Sanusi II, the Emir of Kano, says one of his regrets in office was delaying the entry of telecommunications companies (telcos) into financial services.   Sanusi, a former governor of the Central Bank of Nigeria (CBN), spoke on Wednesday at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey by Enhancing Financial Innovation & Access (EFInA).   “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.    

The Emir of Kano, Muhammadu Sanusi II, has expressed regret over delaying the entry of telecommunications companies (telcos) into Nigeria’s financial services sector while he was governor of the Central Bank of Nigeria (CBN). Sanusi, who spoke on Wednesday at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey by Enhancing […] The post Sanusi regrets delaying telcos’ entry into financial services appeared first on Vanguard News.