Sanusi Regrets Delaying Telcos’ Entry Into Financial Services

Former Central Bank of Nigeria Governor, Sanusi Lamido Sanusi, has admitted that he was wrong to delay the entry of telecommunications companies into Nigeria’s financial services sector during his tenure.

Sanusi, who is now the Emir of Kano, made the disclosure on Wednesday at the launch of the Access to Financial Services in Nigeria 2026 Survey Report in Abuja.

Reflecting on his tenure as CBN governor, Sanusi said his decision to restrict telcos from entering the financial services space was influenced by concerns over the safety of depositors’ funds following the banking crisis at the time.

He explained that he was uncomfortable allowing companies that were not primarily regulated by the CBN to have access to large pools of funds.

However, he acknowledged that the decision had unintended consequences and may have slowed the expansion of financial inclusion across the country.

According to Sanusi, the subsequent growth of fintech companies and mobile-based financial services has demonstrated the important role telecommunications firms can play in reaching Nigerians who are underserved by conventional banks.

He said traditional banks lacked the physical presence and reach required to provide financial services to millions of Nigerians, particularly those living outside major commercial centres.

Sanusi commended subsequent CBN administrations for opening the financial services space to telecommunications companies and fintech operators.

He said the development had helped accelerate financial inclusion by allowing digital financial service providers to reach more Nigerians through mobile technology.

The former CBN governor also called for a broader approach to financial inclusion, arguing that access to financial services should go beyond opening bank accounts or facilitating transactions.

He urged regulators and financial institutions to develop products that enable Nigerians to save, access insurance and pensions and protect themselves against unexpected financial shocks.

Sanusi suggested that small deductions from everyday transactions could help low-income Nigerians gradually build savings and financial protection without requiring them to make large periodic contributions.

He also called for closer cooperation among the CBN, the National Pension Commission and the National Insurance Commission to develop products that combine savings, pensions and insurance.

Sanusi further warned that inflation remains a major threat to savings and wealth creation, stressing the need for policies that promote price stability.

He said Nigeria’s growing digital financial infrastructure provides an opportunity to develop products that reflect how Nigerians earn, spend and save money.

Sanusi urged policymakers to use technology and transaction data responsibly to deepen financial inclusion and improve the financial resilience of households and small businesses across the country.