Sanusi: I Was Wrong to Delay Telcos’ Entry into Nigeria’s Financial Services

Former Central Bank of Nigeria Governor Sanusi Lamido Sanusi admitted he made a mistake in delaying telecommunications companies' entry into Nigeria's financial services sector. Speaking at the inauguration of the Access to Financial Services in Nigeria (A2F) 2026 Survey Report, Sanusi said his decision during his tenure slowed financial inclusion expansion.

He claimed the move was influenced by concerns about the safety of depositors' funds after the banking crisis. However, Sanusi now believes telcos could have accelerated financial inclusion earlier. He praised later CBN administrations for opening up the space to telcos and fintech operators, stating that digital financial providers have advanced financial inclusion by reaching parts of the country that conventional banks struggle to serve.

Sanusi called for the next phase of financial inclusion to focus on building products around Nigerians' daily financial activities, urging regulators to develop mechanisms to convert fintech transaction volumes into savings, insurance, and pension products. He argued that small, daily deductions from everyday transactions could build financial buffers.

Sanusi stressed the importance of financial inclusion in protecting households against economic shocks, particularly low-income households, farmers, and small businesses. He urged closer collaboration among regulators to develop products combining savings, pensions, and insurance using transaction data and digital infrastructure.

Sanusi emphasized the need for financial literacy, especially in regions with low access to formal financial services. He stressed that financial inclusion should be measured by its impact on households' ability to build savings, access insurance, secure pensions, and withstand economic shocks, not just by transaction volumes. Sanusi urged policymakers to prioritize price stability while using digital infrastructure to create financial products that connect Nigerians to long-term financial security.