RismadarVoice Reporters
September 16, 2026
Former Governor of the Central Bank of Nigeria and Emir of Kano, Muhammadu Sanusi II, has acknowledged that his decision to delay the entry of telecommunications companies into Nigeria’s financial services industry contributed to slowing the country’s financial inclusion drive.
Sanusi, who served as CBN governor between 2009 and 2014, said his opposition at the time was driven by concerns over the safety of depositors’ funds following Nigeria’s banking crisis.
He, however, acknowledged that subsequent developments in the financial services industry demonstrated the importance of telecommunications and technology companies in extending financial services to millions of Nigerians underserved by conventional banks.
Sanusi made the remarks on Wednesday during a fireside discussion at the launch of the 2026 Access to Financial Services in Nigeria Survey Report in Abuja.
Reflecting on decisions taken during his tenure at the apex bank, Sanusi accepted responsibility for delaying the participation of telecommunications companies in the sector.
“I’m responsible for delaying the entry of telcos into this space,” he said.
SANUSI EXPLAINS REASONS FOR EARLIER OPPOSITION
The former CBN governor said Nigeria had recently emerged from a banking crisis at the time the issue was being considered, leaving regulators particularly concerned about protecting depositors and maintaining financial stability.
Sanusi said he was uncomfortable allowing companies that were not directly regulated by the CBN to gain access to substantial pools of customers’ funds.
He acknowledged that although the policy position was based on concerns about protecting the financial system, the eventual decision was wrong.
“So again, this is one case where you have a good intention, but you take a wrong decision,” Sanusi said.
He recalled strongly resisting pressure from international institutions and other stakeholders seeking faster entry of telecommunications companies into financial services.
Sanusi said allowing telecommunications companies to participate earlier could have accelerated efforts to bring millions of Nigerians without access to banking services into the formal financial system.
TECHNOLOGY COMPANIES EXPAND FINANCIAL ACCESS
Sanusi said developments in recent years had demonstrated the limitations of relying predominantly on traditional banks to achieve nationwide financial inclusion.
According to him, conventional banks do not have sufficient physical presence to reach every segment of Nigeria’s large population.
The expansion of fintech companies, mobile financial services and other technology-driven platforms has significantly changed the way Nigerians transfer money, make payments and access other financial products.
Sanusi said Nigeria had consequently recorded greater progress in financial inclusion in recent years as technology-based financial services expanded.
The 2026 Access to Financial Services Survey showed that overall financial inclusion increased to 79 per cent, leaving 21 per cent of Nigerian adults financially excluded.
Formal financial inclusion also increased to 73 per cent in 2026 from 64 per cent recorded in 2023.
FINANCIAL ACCESS MUST TRANSLATE INTO ECONOMIC VALUE
Despite the improvement, Sanusi warned that increased access to bank accounts and digital payment platforms should not automatically be interpreted as an improvement in Nigerians’ incomes or overall economic welfare.
“Opening an account, moving money, is not the same as earning money. It’s not the same as talking about poverty,” he said.
He argued that financial services should become more closely connected to productive sectors of the economy, including agriculture, manufacturing and trade.
According to him, the growth of fintech companies and digital financial service providers presents an opportunity to connect financial transactions with the movement of goods and services across the economy.
Such systems could improve access to finance for farmers, traders, manufacturers and other businesses while strengthening economic participation.
DIGITAL PLATFORMS COULD EXPAND PENSIONS, SAVINGS
Sanusi also called for Nigeria’s expanding digital payments infrastructure to be used to improve access to savings, pensions and insurance.
He said major digital financial service providers already possess extensive transaction networks and data that could support the development of financial products suitable for millions of informal-sector workers.
Rather than requiring workers to make large periodic contributions, he suggested that systems could be developed to enable people to accumulate small amounts from routine transactions over time.
Such arrangements could allow traders, artisans, transport workers and other people outside conventional salaried employment to gradually build savings, insurance protection and retirement funds.
The proposal comes as pension and insurance penetration remain among the weakest areas of Nigeria’s financial inclusion system.
SANUSI WARNS INFLATION THREATENS SAVINGS
Sanusi also urged the CBN to remain focused on maintaining price stability, describing inflation as a major threat to household savings and accumulated wealth.
“There is no enemy to savings, no enemy to wealth that is bigger than inflation,” he said.
He argued that sustainable savings and household financial resilience partly depend on controlling inflation and protecting the purchasing power of citizens.
The former CBN governor consequently cautioned against prematurely abandoning restrictive monetary policies designed to address inflationary pressures.
UNIFIED FINANCIAL INFRASTRUCTURE PROVIDES FOUNDATION
Sanusi also reflected on efforts during his tenure to establish a unified identification framework for customers across Nigeria’s banking industry.
He said the development of shared financial infrastructure had provided a foundation upon which additional services such as credit, pensions and insurance could be expanded.
According to him, there had initially been resistance to establishing a unified identification arrangement, with some institutions preferring separate systems.
He said Nigeria now possesses significant financial infrastructure, but policymakers and financial institutions must focus on ensuring that such infrastructure creates wider economic opportunities.
CONSUMER PROTECTION CRITICAL TO FINANCIAL INCLUSION
Sanusi also warned against fragmented regulation of consumer protection within the financial services industry.
He argued that overlapping responsibilities among different regulatory institutions could create uncertainty for consumers seeking solutions to complaints involving banks and other financial service providers.
According to him, responsibilities involving the CBN, the Federal Competition and Consumer Protection Commission and other sector regulators should be clearly defined.
“Consumer protection is so critical to financial inclusion that once you begin to fragment and there isn’t one point of call, there is an issue,” Sanusi said.
The former CBN governor maintained that Nigeria’s next phase of financial inclusion should move beyond increasing the number of accounts and digital transactions towards building a system capable of expanding savings, pensions, insurance, productive investment and economic opportunities for citizens.
