Posted by Chinenye on Thu 17th Sep, 2026 - tori.ng
Former CBN Governor Muhammadu Sanusi II says he regrets not allowing telecom companies to enter financial services earlier.
(Muhammadu Sanusi II. Photo by THISDAYLIVE)
Muhammadu Sanusi II, the Emir of Kano and former governor of the Central Bank of Nigeria, has said one of his biggest regrets is the delay in allowing telecommunications firms to enter financial services.
He made the remarks Wednesday at the launch of a 2026 survey on access to financial services in Nigeria.
Sanusi noted that telcos already possessed the infrastructure and reach needed to drive financial inclusion across underserved communities.
He argued that their earlier entry could have accelerated progress in bringing banking services to remote areas where traditional banks have little presence.
The economist pushed back against viewing financial inclusion narrowly as simply opening accounts or moving money between them.
Real inclusion, he said, means helping people earn more and escape poverty by linking financial services to productive activity in farming, manufacturing and other sectors.
Sanusi urged using the transaction data generated by fintech companies and payment platforms to build savings, pension and insurance products for Nigerians outside the traditional banking system.
Even small sums like N100 from everyday transactions could be funnelled into savings or protection schemes where the infrastructure exists.
He suggested insurance could shield market traders from fire damage and farmers from crop failure, but stressed that true financial inclusion requires more than just digital platforms.
Farmers need training, better production methods and market connections alongside access to financial tools.
The former central banker also warned that inflation poses the biggest threat to savings and wealth creation, urging the CBN to prioritise price stability as a foundation for financial security.