Sanusi admits blocking telcos from banking was wrong

Former Central Bank of Nigeria Governor and Emir of Kano, Muhammadu Sanusi II, has admitted that his decision to delay the entry of telecommunications companies into Nigeria’s financial services industry while he was at the apex bank was a mistake. Sanusi made this admission during a fireside chat at the launch of the Access to Financial Services in Nigeria 2026 Survey Report in Abuja, where he explained that the concern, while well-intentioned, resulted in a policy decision he now considers wrong.

He acknowledged that allowing telcos into the sector earlier could have accelerated Nigeria’s progress in bringing millions of unbanked citizens into the formal financial system.

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