Sanusi Recalls Major Regret as CBN Governor Amid MTN, Airtel’s Push Into Financial Services

• Sanusi regrets delaying telcos’ entry into financial services, saying their infrastructure could have accelerated inclusion across underserved communities
• True financial inclusion must connect farmers and producers to markets, manufacturers and jobs—not merely open accounts or enable transfers
• Sanusi urges inflation control and using fintech transaction data to expand savings, pensions and insurance for underserved Nigerians

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Muhammadu Sanusi II, Emir of Kano and former governor of the Central Bank of Nigeria (CBN), has revealed that delaying the entry of telecommunications companies into financial services remains one of his regrets from his time at the apex bank.

Sanusi made the disclosure on Wednesday at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey by Enhancing Financial Innovation & Access (EFInA), according to TheCable..

“One of my regrets as CBN governor was delaying telcos’ entry into financial services,” Sanusi said.

The admission comes as telecommunications companies and their financial-services subsidiaries play an increasingly visible role in Nigeria’s digital payments and financial-inclusion landscape.

Telcos had infrastructure to expand access

According to Sanusi, telecommunications companies already possessed the infrastructure, customer reach and distribution networks that could have helped accelerate access to financial services, particularly in underserved and rural communities.

However, he cautioned against defining financial inclusion merely by the number of Nigerians who own bank accounts or can make digital transfers.

“Opening an account and moving money is not the same thing as earning money or moving people out of poverty,” he said.

Sanusi argued that financial services should be closely connected to productive sectors of the economy, including agriculture and manufacturing, to create jobs, improve incomes and deliver broader economic benefits, Vanguard reports.

Sanusi cites Kano farmers

Using groundnut farmers in Kano as an example, the former CBN governor said a company producing ready-to-use therapeutic food for malnourished children had to import peanuts from Argentina because local farmers could not supply the required quality.

He said simply connecting such farmers to digital financial platforms would not solve the underlying problem.

Instead, farmers need training, improved production standards and stronger connections to manufacturers and buyers capable of creating sustainable demand for their products.

For Sanusi, effective financial inclusion should build bridges between producers, markets, manufacturers and financial institutions rather than focus solely on opening accounts.

Inflation threatens savings and wealth

Sanusi also called on the CBN to maintain its focus on price stability, warning that high inflation can severely undermine household savings and long-term wealth creation.

“There is no enemy to savings, no enemy to wealth that is bigger than inflation,” he said.

He further advocated greater use of transaction data generated by fintech companies and payment service providers to develop savings, pension and insurance products for Nigerians outside traditional banking relationships.

According to him, platforms with extensive transaction data and rural reach could create systems that allow users to direct small amounts from everyday transactions towards savings, pensions or insurance.

Sanusi suggested that even N100 from a transaction could potentially be channelled into such products where appropriate systems are established.

He added that accessible insurance products could help protect traders against losses from incidents such as market fires, while farmers could receive protection against crop failures.

FCCPC resumes digital lending in Nigeria

Legit.ng earlier reported that the Federal Competition and Consumer Protection Commission (FCCPC) has resumed full enforcement of its Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations), following a decisive court ruling in Lagos.

The development could affect telecom operators such as MTN Nigeria and Airtel Nigeria, as well as digital loan apps that offer airtime, data and short-term credit services, many of which may now be required to comply with stricter regulatory r.