The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has admitted that delaying the entry of telecommunications companies into Nigeria’s financial services sector slowed the pace of financial inclusion.
Sanusi made the disclosure during the launch of the Access to Financial Services in Nigeria (A2F) 2026 Survey Report in Abuja, where he reflected on decisions made during his tenure as CBN governor.
He explained that his reluctance to allow telecom companies into the sector was influenced by concerns over the safety of depositors’ funds following the banking crisis at the time. He said he was uncomfortable giving companies outside the CBN’s primary regulatory control access to large pools of funds.
However, with the benefit of hindsight, Sanusi acknowledged that the decision had unintended consequences and said telecommunications companies could have helped accelerate financial inclusion much earlier.
He also noted that the wider reach of digital financial service providers has enabled more Nigerians, particularly those beyond the reach of conventional banks, to access financial services.
Sanusi further called for financial inclusion efforts to move beyond access to accounts and payments, urging regulators to develop products that help Nigerians build savings, access insurance and secure pensions through existing digital financial platforms.
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