Former Central Bank of Nigeria (CBN) Governor and Emir of Kano, Muhammadu Sanusi II, has expressed regret over the decision to delay telecommunications companies’ participation in Nigeria’s financial services sector during his tenure at the apex bank.
Sanusi made the remarks on Wednesday at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey conducted by Enhancing Financial Innovation & Access (EFInA).
According to him, telecommunications companies already possessed the infrastructure and extensive reach needed to significantly expand access to financial services, particularly among people in underserved communities.
He argued that financial inclusion should go beyond simply enabling people to open bank accounts or transfer funds. In his view, the broader objective should be to connect financial services with economic opportunities and help improve livelihoods.
Sanusi said financial services should be more closely linked to productive sectors of the economy, including agriculture and manufacturing.
He illustrated the challenge with the example of groundnut farmers in Kano, noting that a company producing ready-to-use therapeutic food for malnourished children had reportedly resorted to importing peanuts from Argentina because local farmers were unable to meet the required quality standards.
He said putting farmers on digital financial platforms alone would not address such challenges. Instead, farmers would need access to training, improved production methods and reliable links to buyers.
Sanusi maintained that effective financial inclusion should establish stronger connections between farmers, markets and manufacturers.
The former CBN governor also called on the apex bank to maintain a strong focus on price stability, warning that inflation undermines savings and the ability of Nigerians to build wealth.
He further proposed greater use of transaction data generated by fintech firms and payment service providers to develop savings, pension and insurance products for Nigerians outside the traditional banking system.
According to Sanusi, platforms with extensive transaction records and strong rural penetration could potentially enable small portions of everyday transactions to be channelled towards savings, pensions or insurance.
He cited the possibility of even small amounts being automatically allocated to such financial products where appropriate systems are available.
Sanusi also highlighted the role of insurance in protecting vulnerable groups, including market traders exposed to fire incidents and farmers facing th
e risk of crop failures.