Muhammadu Sanusi II admits delaying telcos' entry into Nigerian banking was a mistake

Muhammadu Sanusi II, the former Governor of the Central Bank of Nigeria and current Emir of Kano, has admitted that his decision to delay the entry of telecommunications companies into the financial services sector was a mistake. Speaking at the launch of the Access to Financial Services in Nigeria 2026 Survey Report in Abuja, Sanusi acknowledged that this policy slowed the country’s financial inclusion efforts.

Sanusi explained that during his tenure as CBN governor between 2009 and 2014, his opposition was driven by the need to protect depositors’ funds following a banking crisis. He stated he was uncomfortable allowing companies that he did not primarily regulate to access large pools of capital. However, he noted that while the intention was to ensure safety, the decision had unintended consequences.

Reflecting on recent progress, Sanusi observed that digital financial service providers and fintechs have successfully reached underserved areas where traditional banks lack the necessary physical footprint. He commended subsequent administrations for opening the space to telcos and fintech operators, which has accelerated financial inclusion in recent years.