Sanusi Acknowledges Mistake in Blocking Telcos from Banking
Muhammadu Sanusi II, the former Governor of the Central Bank of Nigeria and Emir of Kano, acknowledged that his decision to delay the entry of telecommunications companies into Nigeria’s financial services sector was a mistake that impeded the country's financial inclusion efforts. Speaking during a fireside chat at the launch of the Access to Financial Services in Nigeria 2026 Survey Report in Abuja, Sanusi explained that his initial opposition was due to concerns about the safety of depositors' funds following a banking crisis.
He admitted that this well-intentioned decision ultimately resulted in a policy he now considers wrong. Sanusi reflected on his tenure as CBN governor from 2009 to 2014, stating that allowing telcos into the financial sector earlier could have significantly advanced Nigeria's progress in integrating unbanked citizens into the formal financial system.
The 2026 survey indicated an increase in financial inclusion to 79%, with the financially excluded population dropping to 21%.
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