Sanusi Admits Delay of Telcos in Nigeria's Finance Hurt Inclusion

Sanusi, the Emir of Kano, stated that he was wrong to delay the entry of telecommunications companies into Nigeria's financial services sector during his tenure as the governor of the Central Bank of Nigeria (CBN). Speaking at the inauguration of the Access to Financial Services in Nigeria (A2F) 2026 Survey Report in Abuja, he reflected that his decision was influenced by concerns over the safety of depositors' funds following a banking crisis.

He acknowledged that fintechs and mobile-based financial services could have accelerated financial inclusion much earlier. Sanusi commended subsequent CBN administrations for allowing telcos and fintech operators into the market, noting that financial inclusion has advanced significantly in recent years.

He suggested that the next phase should focus on creating financial products that align with Nigerians' daily activities and urged regulators to explore transaction volumes on fintech platforms to develop savings, insurance, and pension products. Sanusi emphasized that small, regular contributions could help build financial buffers for low-income households and small businesses.