Emir Sanusi Lamido
Former Central Bank of Nigeria (CBN) Governor and Emir of Kano, Sanusi Lamido Sanusi, has admitted that delaying the entry of telecommunications companies into Nigeria’s financial services sector during his tenure was an error that slowed the country’s financial inclusion drive.
According to a statement, Sanusi made the admission on Wednesday in Abuja during the launch of the Access to Financial Services in Nigeria (A2F) 2026 Survey Report.
Reflecting on his time at the apex bank, Sanusi explained that his caution was informed by the major banking crisis at the time, which made him reluctant to grant non-bank entities access to massive public funds.
However, he noted that hindsight and the rapid growth of fintechs and mobile money have proved that telcos could have accelerated access much earlier.
“I am responsible for delaying the entry of telcos into this space,” Sanusi said. “I wasn’t comfortable allowing companies that I was not the primary regulator of to have access to a huge pool of funds. But I do think if I had allowed that to happen, there would have been much more progress.”
He commended subsequent CBN leaderships for opening up the payment ecosystem, noting that digital operators possess the reach and infrastructure that traditional brick-and-mortar banks lack.
Outlining the future of financial inclusion, the former CBN chief urged regulators, including the CBN, the National Insurance Commission (NAICOM), and the National Pension Commission (PenCom), to collaborate on micro-products tailored to everyday economic activities.
He suggested leveraging digital transaction flows to allow small, daily deductions that build long-term savings, pensions, and safety-net insurance for farmers and small traders vulnerable to economic shocks like market fires or crop failures.
Sanusi also emphasised the need to curb inflation, describing persistent price increases as the single greatest threat to savings, household security, and long-term wealth creation.
