Sanusi Regrets Delaying Telcos Nigeria Financial Inclusion

• Muhammadu Sanusi II, the Emir of Kano and former CBN Governor, expressed regret over delaying the entry of telecommunications companies into Nigeria's financial services sector during his tenure.
• His remarks were made on Wednesday at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey.
• The former CBN chief believes this regulatory decision represented a missed opportunity to leverage telco infrastructure for broader financial inclusion.
• The statement highlights a historical policy stance that limited telco mobile money regulation in Nigeria.
• Sanusi's reflection underscores the evolving understanding of how non-traditional players can contribute to national financial access goals.

This candid admission by Sanusi highlights a critical juncture in the nation's financial regulatory history, acknowledging a potential missed opportunity for broader economic development.

Muhammadu Sanusi II, currently holding the esteemed title of Emir of Kano, recently voiced a significant retrospective sentiment regarding a key regulatory decision made during his tenure as the governor of the Central Bank of Nigeria (CBN). Speaking publicly on Wednesday, the former CBN chief expressed regret over the policy approach that led to delaying the entry of telecommunications companies (telcos) into Nigeria's burgeoning financial services sector. This candid admission by Sanusi highlights a critical juncture in the nation's financial regulatory history, acknowledging a potential missed opportunity for broader economic development.

The statement from Muhammadu Sanusi II CBN came during a notable event: the official launch of the 2026 Access to Financial Services in Nigeria (A2F) survey. This survey, a crucial instrument for evaluating the state of financial inclusion across the country, was hosted by Enhancing Financial Inclusion and Advancement (EFInA). The platform provided a fitting backdrop for a reflection on past regulatory strategies and their long-term impact on the accessibility of financial services for the Nigerian populace. Sanusi's remarks underscore the evolving understanding of how different sectors can contribute to financial development.

The regret articulated by Former CBN Governor Sanusi centers specifically on the regulatory framework that, under his leadership, initially restricted telecommunications firms from fully participating in Nigeria's financial ecosystem. This historical stance meant that the potential for telco mobile money regulation to drive financial inclusion was not fully leveraged during a period when such services were gaining traction globally. The decision to delay telcos' entry into financial services, while perhaps rooted in concerns over stability or oversight, is now viewed by Sanusi as a missed opportunity to accelerate the reach of banking and payment solutions, particularly to underserved populations.

At the time, the Central Bank's approach to integrating non-traditional financial service providers was cautious, prioritizing the stability of the banking sector. However, the subsequent growth of mobile money and digital payments has demonstrated the transformative power of telecommunications infrastructure in delivering financial services. Sanusi's current perspective suggests a recognition that a more proactive integration of telcos could have significantly altered the trajectory of financial access in Nigeria, potentially bridging gaps that traditional banking struggled to reach.

The former governor's reflection on Sanusi regrets delaying telcos Nigeria has profound implications for the ongoing discourse around Nigeria financial inclusion policy. The A2F survey, which provided the context for his remarks, is designed to measure progress in providing Access to Financial Services (A2F) to all Nigerians. The delay in allowing telcos to offer financial services meant that a powerful distribution channel, with extensive reach even in remote areas, was not fully utilized for an extended period, potentially slowing down the pace of financial inclusion.

Mobile network operators possess vast customer bases and robust infrastructure, making them ideal candidates to extend financial services beyond urban centers. Had telcos been integrated earlier, the landscape of financial access in Nigeria might look considerably different today, with potentially higher rates of account ownership and usage among the unbanked and underbanked. Sanusi's acknowledgment serves as a critical historical footnote for policymakers and industry stakeholders, emphasizing the importance of adaptive regulation that balances innovation with stability to achieve national financial inclusion goals.

This retrospective comment from a former CBN Governor highlights the historical regulatory stance and potential missed opportunities regarding telco involvement in Nigeria's financial services. Lawyers advising fintechs or telecommunications companies should consider this perspective when engaging in policy advocacy or assessing the evolving regulatory environment for non-bank financial services.

Source: Original reporting via Vanguard News