I regret delaying telcos’ entry into financial services — Sanusi
Kano Emir Muhammadu Sanusi II expressed regret over his tenure as the Governor of the Central Bank of Nigeria, highlighting that he delayed telecommunications companies from entering the financial services sector. Sanusi made these comments on Wednesday during the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey, organized by Enhancing Financial Innovation & Access (EFInA).
Sanusi explained that telecommunications companies possess the infrastructure and reach necessary to enhance financial inclusion, particularly in underserved communities. He emphasized that measuring financial inclusion solely by the number of bank accounts or money transfers is insufficient.
“Opening an account and moving money is not the same thing as earning money or moving people out of poverty,” Sanusi said. He underscored the importance of connecting financial services to the real economy, including sectors such as agriculture and manufacturing.
Referencing local challenges, Sanusi pointed out that a company producing ready-to-use therapeutic food for malnourished children was forced to import peanuts from Argentina due to local farmers’ inability to meet quality standards. He argued that simply placing farmers on digital financial platforms is not enough; instead, there needs to be an emphasis on training, improving production quality, and establishing connections between farmers, buyers, and markets.
Additionally, Sanusi urged the Central Bank of Nigeria to prioritize price stability, warning that inflation poses a significant threat to savings and wealth creation. “There is no enemy to savings, no enemy to wealth that is bigger than inflation,” he stated.
He also advocated for the use of transaction data generated by fintech companies and payment service providers to create savings, pension, and insurance products for Nigerians who may lack traditional banking relationships. According to Sanusi, platforms that leverage extensive transaction data and reach rural communities could facilitate small contributions toward savings or insurance, suggesting that even a sum as small as N100 could be directed into these financial products.
The Emir further noted that tailored insurance products could help protect market traders from risks such as fire and safeguard farmers against crop failures.
