Sanusi II Regrets Delaying Telecoms in Financial Services

Muhammadu Sanusi II, the Emir of Kano and former governor of the Central Bank of Nigeria (CBN), revealed that one of his major regrets during his tenure was the delay in allowing telecommunications companies to enter the financial services sector. Speaking at the launch of the 2026 Access to Financial Services (A2F) survey by Enhancing Financial Innovation & Access (EFInA), he noted that companies like MTN and Airtel have the necessary infrastructure and customer reach to improve financial inclusion, particularly in underserved rural communities.

Sanusi cautioned against measuring financial inclusion solely by bank account ownership, arguing that financial services should be integrated with productive sectors such as agriculture and manufacturing to foster job creation and economic growth. He provided an example of local farmers in Kano who struggle to meet quality standards for peanuts, which affects local production.

Sanusi urged the CBN to focus on price stability and suggested leveraging transaction data from fintech companies to develop savings and insurance products tailored for Nigerians outside traditional banking.