Sanusi admits mistake in delaying telcos’ entry into financial services

Former Central Bank of Nigeria governor Sanusi Lamido Sanusi, now Emir of Kano, has admitted that delaying telecommunications companies’ entry into Nigeria’s financial services space was a mistake, according to Daily Trust.

Speaking at the inauguration of the Access to Financial Services in Nigeria 2026 Survey Report in Abuja, Sanusi said the decision, driven by depositor-safety concerns following a banking crisis, slowed financial inclusion. He credited subsequent CBN administrations for opening the sector to telcos and fintechs, noting they had since reached underserved areas faster than traditional banks.

Sanusi urged regulators to convert everyday transaction flows into savings, insurance and pension products, stressing that inflation remained the biggest threat to household savings and wealth.