Sanusi Urges CBN: Leverage Fintech Data for Financial Inclusion

• Former CBN Governor Sanusi Lamido Sanusi urged the Central Bank of Nigeria to utilize transaction data from fintech companies.
• This data should be used to develop tailored savings, insurance, and pension products for Nigerians, particularly those in underserved regions.
• Sanusi emphasized the importance of leveraging existing infrastructure like the Bank Verification Number (BVN) to expand financial access.
• He also stressed that financial system reforms must be supported by consistent fiscal, agricultural, and structural policies to ensure broader economic prosperity.
• The call was made during a fireside chat at the launch of the Access to Financial Services 2026 Report in Abuja.

He argued that companies that handle large volumes of transactions and reach rural communities possess invaluable data that financial regulators could leverage to craft products specifically tailored to the needs of low-income households.

Sanusi Lamido Sanusi, the Emir of Kano and a former Governor of the Central Bank of Nigeria (CBN), has strongly advocated for the CBN to leverage the vast transaction data held by fintech companies. Speaking at a fireside chat during the launch of the Access to Financial Services 2026 Report (A2F) in Abuja, Mr. Sanusi emphasized that this strategic utilization of data is crucial for developing innovative savings, insurance, and pension products tailored for the Nigerian populace, particularly those residing in underserved regions.

His remarks underscored a broader vision for Nigeria's financial system: a deeper integration with the real economy. Rather than merely facilitating financial transactions, the system must forge direct connections with vital productive sectors, including agriculture, manufacturing, and local markets. This integration, he argued, is essential to ensure that expanded financial access genuinely translates into improved household welfare across the nation. Mr. Sanusi highlighted that financial institutions alone cannot generate economic prosperity, stressing the indispensable role of sound fiscal and structural policies in attracting investment and bolstering the production of goods and services.

To achieve this vision, Mr. Sanusi urged the CBN to actively engage prominent fintech and payment service providers, citing companies like Moniepoint and OPay as examples. He proposed that the wealth of transaction data these firms collect could be instrumental in designing financial products that meet the specific needs of low-income households. Companies that manage substantial transaction volumes and possess extensive reach into rural communities are uniquely positioned to assist financial regulators in this endeavor, facilitating the creation of bespoke savings, insurance, and pension schemes.

Furthermore, the former CBN Governor called for the expanded use of existing financial infrastructure, specifically mentioning the Bank Verification Number (BVN). Mr. Sanusi, who played a pivotal role in introducing the BVN, noted that this unified customer identification system across banks provides a robust foundation. This infrastructure, he explained, is capable of supporting broader access to credit, insurance, and pension services. He also stressed the importance of fostering greater financial literacy among Nigerians, encouraging them to build savings gradually through small, consistent contributions, and advocated for the integration of insurance into the financial ecosystem, particularly for businesses and farmers exposed to risks such as fire, crop failure, and extreme weather. The CBN's convening power, he suggested, could be effectively utilized to bring together financial regulators and private-sector players to collaboratively develop these essential products.

Mr. Sanusi reiterated that the growth of fintech companies and payment service providers is already contributing to a stronger link between financial flows and the real economy. However, he cautioned that any reforms within the financial sector could be undermined if they are not consistently supported by coherent fiscal, agricultural, and structural policies. He cited the example of reopening the market to food imports, which, while offering short-term consumer relief, could pose significant long-term challenges for domestic producers.

Policymakers, he asserted, must carefully consider the broader impact of such measures on farmers, processors, businesses, and banks that have invested in domestic agricultural value chains. Emphasizing the critical need to align macroeconomic fundamentals, Mr. Sanusi stressed that financial-sector policies must be seamlessly integrated with the nation's broader economic strategies to ensure sustainable growth and prosperity. He argued that companies that handle large volumes of transactions and reach rural communities possess invaluable data that financial regulators could leverage to craft products specifically tailored to the needs of low-income households.

Lawyers advising fintechs or financial institutions in Nigeria should monitor the Central Bank of Nigeria's (CBN) response to these recommendations. Sanusi's call signals a potential future regulatory focus on leveraging fintech data for financial product development and financial inclusion, which could lead to new compliance obligations or opportunities for collaboration in the financial sector.

Source: Reporting based on recent financial sector commentary.