Reported by Weng Patrick Atokor l Journalist at Weng Global
Former Central Bank of Nigeria (CBN) Governor Muhammadu Sanusi II has acknowledged that his decision to delay the entry of telecommunications companies into Nigeria’s financial services sector slowed the country’s progress in financial inclusion.
Sanusi made the admission on Wednesday, September 16, 2026, in Abuja, while speaking at the launch of the Access to Financial Services in Nigeria (A2F) 2026 Survey Report by Enhancing Financial Inclusion and Advancement (EFInA).
He said concerns about protecting depositors’ funds during Nigeria’s banking crisis influenced the decision taken during his tenure as CBN governor.
However, reflecting on the policy with the benefit of hindsight, Sanusi said allowing telecommunications companies to participate more directly in financial services could have accelerated access to financial services for millions of Nigerians.
Sanusi explains why telcos were restricted
Sanusi said the decision was partly shaped by the banking crisis Nigeria was dealing with at the time.
According to him, regulators were concerned about allowing companies outside the CBN’s direct regulatory framework to gain access to large pools of customers’ funds.
He explained that he was uncomfortable with telecommunications companies entering an area involving substantial financial resources when they were not primarily regulated by the central bank.
Sanusi nevertheless acknowledged that subsequent developments in fintech, mobile payments and digital financial services had demonstrated the potential that telecommunications companies could have brought to financial inclusion much earlier.
“I’m responsible for delaying the entry of telcos into this space,” Sanusi said, according to reports from the event.
He added that, with hindsight, allowing greater participation could have produced more progress in expanding financial access.
Why the decision mattered
The debate over telecommunications companies and financial services is closely connected to Nigeria’s long-running challenge of reaching people who are underserved by traditional banks.
Conventional banks have historically relied heavily on branches and physical infrastructure. Telecommunications companies, by contrast, already had extensive networks reaching customers across urban and rural communities.
The expansion of mobile phones and digital payment platforms subsequently created new ways of delivering financial services to people who may not have had convenient access to traditional bank branches.
Sanusi said the experience of the past several years showed that banks did not always have the physical presence necessary to reach large sections of the population.
He argued that fintech companies and other digital financial-service providers have helped close some of that gap by using technology and transaction platforms to reach customers beyond conventional banking infrastructure.
The issue is particularly significant because financial inclusion is not simply about whether a person has access to a bank account. It also involves whether people can use savings, payments, credit, insurance and other financial products safely and effectively.
Nigeria’s financial inclusion debate is evolving
Sanusi’s comments came as EFInA unveiled the 2026 edition of its Access to Financial Services in Nigeria survey.
EFInA describes the A2F Survey as a nationwide source of demand-side data on how Nigerians access and use financial services. The 2026 survey is the ninth round of the programme and builds on more than 17 years of data collection.
The organisation said the latest edition goes beyond measuring access to financial services and examines issues including financial health, fraud prevention, climate resilience, trust and economic participation.
The survey also places greater emphasis on groups such as micro, small and medium-sized enterprises, agricultural workers and people operating in the informal economy.
That broader approach is important because access to digital financial services does not automatically mean that households are financially secure.
From access to financial protection
Sanusi said the next stage of financial inclusion should focus on how financial services can help Nigerians protect themselves against economic shocks.
He pointed to the vulnerability of traders, farmers, low-income households and small businesses to unexpected events.
For example, a market fire can destroy a trader’s inventory, while a poor harvest can wipe out the income of a farming household. Without insurance, savings or other financial protection, people can lose years of accumulated economic progress after a single shock.
Sanusi therefore argued that financial inclusion should not be measured only by the number or value of transactions taking place through digital platforms.
Instead, he said financial services should help people build savings, obtain insurance, prepare for retirement and withstand unexpected economic difficulties.
Sanusi proposes using everyday transactions to build financial security
One of the ideas raised by the former CBN governor was the possibility of developing financial products around the transactions Nigerians already conduct every day.
Rather than requiring low-income consumers to make large periodic contributions, he suggested that small amounts could potentially be accumulated gradually through everyday transactions.
The approach could connect payment activity with products such as savings, insurance and pensions.
Sanusi also called for closer cooperation among financial regulators, including the CBN, the National Insurance Commission and the National Pension Commission.
His argument is that regulators and financial institutions should explore ways to use existing digital infrastructure and transaction data to create products that better reflect how Nigerians actually earn, spend and save money.
Such an approach would represent a shift from focusing primarily on financial access to examining the outcomes that financial services produce for consumers.
The role of fintechs and digital platforms
Nigeria’s financial sector has undergone significant changes since Sanusi’s tenure as CBN governor.
Fintech companies, payment platforms and mobile-based financial services have expanded the ways consumers can transfer money, make payments and access financial products.
This development has also created new regulatory challenges involving consumer protection, fraud, data and financial stability.
EFInA said its 2026 survey has consequently strengthened its focus on fraud, consumer protection, dispute resolution and trust in financial-service providers.
The inclusion of these issues reflects a broader question facing the sector: whether increased access is also translating into safer and more sustainable financial participation.
Inflation remains a major concern
Sanusi also highlighted inflation as a major obstacle to savings and wealth accumulation.
His argument is that even when people have access to financial products, persistent inflation can reduce the purchasing power of their savings.
This creates an additional challenge for financial inclusion because access to an account or digital wallet does not necessarily protect a household’s financial position.
For financial inclusion to produce longer-term benefits, people must be able to use financial services to preserve and build economic security.
What the A2F 2026 survey adds
The timing of Sanusi’s comments is significant because the A2F 2026 Survey is designed to provide policymakers and financial-sector participants with updated evidence on the state of financial inclusion in Nigeria.
EFInA said the survey is nationally representative and covers Nigerian adults aged 18 and above across the country’s 36 states and the Federal Capital Territory.
The organisation said the latest edition also provides more detailed state-level information, allowing policymakers and other stakeholders to examine differences between locations rather than relying solely on national averages.
EFInA said the findings are intended to inform policy, financial products, development programmes and decisions by financial-sector stakeholders.
The 2026 survey is also expected to provide a more detailed picture of whether financial access is translating into improved financial health and resilience.
What happens next
The A2F 2026 findings were scheduled for national launch in Abuja on September 16, 2026, followed by an industry engagement in Lagos on September 25. EFInA said the Lagos event will focus on market insights and consumer behaviour for financial-service providers, investors and industry associations.
The findings are expected to provide policymakers and financial institutions with updated evidence on areas where financial inclusion has improved and where gaps remain.
For Sanusi, his reflection on the earlier restrictions on telecommunications companies provides a lesson about how regulatory decisions can have consequences beyond their original objectives.
The former CBN governor’s comments do not mean that concerns about financial regulation and protection of depositors were irrelevant. Rather, his explanation shows how the balance between financial stability, regulation and innovation can change as technology and financial markets develop.
Nigeria’s current challenge is therefore not simply to expand access to financial services, but to ensure that the expanding digital financial system helps households, farmers, traders and businesses build greater financial resilience.
The experience of the telecommunications and fintech sectors is likely to remain part of that conversation as Nigeria considers how technology can be used to reach people traditionally underserved by formal financial institutions.
Weng Global – Stories beyond borders
Sources
- EFInA — Access to Financial Services in Nigeria (A2F) 2026 Survey and official launch information.
- Valuechain — Report on Sanusi’s comments concerning the delayed entry of telecommunications companies into financial services.
- Channels Television — Background on Sanusi’s tenure and financial-sector policies at the CBN.
