Former Central Bank of Nigeria (CBN) Governor and Emir of Kano, Muhammadu Sanusi II, has expressed regret over the delay in allowing telecommunications companies (telcos) to participate more fully in Nigeria’s financial services sector during his tenure.
Sanusi made the remarks on Wednesday at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey organised by Enhancing Financial Innovation & Access (EFInA).
According to him, telecommunications companies already possessed the infrastructure and extensive reach needed to accelerate financial inclusion, particularly in underserved and rural communities.
“One of my regrets as CBN governor was delaying telcos’ entry into financial services,” Sanusi said.
He, however, stressed that financial inclusion should go beyond opening bank accounts or enabling people to transfer money.
Sanusi argued that access to financial services should ultimately contribute to income generation, wealth creation and poverty reduction.
“Opening an account and moving money is not the same thing as earning money or moving people out of poverty,” he said.
The former CBN governor said financial services should be closely linked to productive sectors of the economy, including agriculture and manufacturing.
Using groundnut farmers in Kano as an example, Sanusi explained that a company producing ready-to-use therapeutic food for malnourished children had to import peanuts from Argentina because local farmers were unable to meet the required quality standards.
He said the solution was not merely to provide farmers with access to digital financial platforms but also to train them, improve their production methods and connect them with reliable markets and manufacturers.
Sanusi said genuine financial inclusion should establish stronger links between farmers, markets and businesses.
He also called on the CBN to maintain a strong focus on price stability, warning that inflation poses a serious threat to savings and wealth creation.
“There is no enemy to savings, no enemy to wealth that is bigger than inflation,” he said.
Sanusi further proposed greater use of transaction data generated by fintech companies and payment service providers to develop financial products such as savings, pensions and insurance for Nigerians who do not have traditional banking relationships.
He said platforms with large transaction networks and strong rural penetration could potentially channel small amounts from everyday transactions into savings, pension schemes or insurance.
According to him, even small sums such as ₦100 could be directed towards savings or insurance when appropriate systems are available.
The Emir also highlighted the role of insurance in protecting vulnerable groups, noting that market traders could be covered against risks such as fire, while farmers could receive protection against crop failures.
He said expanding access to such products would make financial inclusion more meaningful to Nigerians and strengthen the connection between financial services and economic activity.
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