Emir of Kano and former CBN Governor, Sanusi Lamido Sanusi, has admitted making a costly policy mistake. He delayed telecom companies from entering Nigeria’s financial services sector.
Speaking at the launch of the 2026 Access to Financial Services (A2F) Survey in Abuja, Sanusi explained his decision. At the time, Nigeria had just faced a major banking crisis. He feared that depositors’ funds could be at risk.
“I’m responsible for delaying the entry of telcos into this space,” Sanusi said.
He added that he was uncomfortable giving companies outside the CBN’s direct control access to large pools of money. However, he now believes telcos could have pushed financial inclusion much faster.
Fintech Growth Shows What Nigeria Missed
According to Sanusi, the rapid growth of fintech companies changed the picture. Mobile money and digital financial services have also expanded access across Nigeria.
With hindsight, he said the policy showed how well-intended decisions can create unexpected problems. His comments highlight the role telecom companies could have played earlier.
Meanwhile, CBN Governor Olayemi Cardoso said financial inclusion must go beyond opening bank accounts. Nigerians also need better financial security, resilience and access to useful services.
Cardoso Links Financial Inclusion to Economic Stability
Cardoso said exchange-rate volatility affects businesses in several ways. It makes planning harder and raises the cost of essential inputs.
Since 2024, the CBN has focused more strongly on monetary and price stability. The bank has tightened liquidity management and improved monetary-fiscal coordination.
Cardoso also said the CBN is moving towards an inflation-targeting framework. The approach aims to put price stability at the centre of monetary policy.
CBN Begins Work on NFIS 4.0
Cardoso also discussed the ongoing banking sector reforms. He said the recapitalisation programme will strengthen banks’ capital, governance and risk-management capacity.
In addition, the CBN has started work on the next National Financial Inclusion Strategy, known as NFIS 4.0. The new strategy will focus on data, accountability and sub-national delivery.
Consumer protection and digital financial safety will also receive greater attention. The goal is to make financial inclusion more useful and safer for Nigerians.
