Muhammadu Sanusi II, the Emir of Kano, says one of his regrets in office was delaying the entry of telecommunications companies (telcos) into financial services.
Sanusi, a former governor of the Central Bank of Nigeria
(CBN), spoke on Wednesday at the launch of the 2026 Access to Financial
Services in Nigeria (A2F) survey by Enhancing Financial Innovation & Access
(EFInA).
“One of my regrets as CBN governor was delaying telcos’
entry into financial services,” the
said.
The economist said telcos already had the infrastructure and
reach that could have helped accelerate financial inclusion, particularly in
underserved communities.
Sanusi said financial inclusion should not be measured
simply by the number of people who have bank accounts or can transfer money.
“Opening an account and moving money is not the same thing
as earning money or moving people out of poverty,” he said.
The former CBN governor said financial services should be
connected to the real economy, particularly agriculture, manufacturing, and
other productive activities.
Citing an example of groundnut farmers in Kano, he said a
company producing ready-to-use therapeutic food for malnourished children had
to import peanuts from Argentina because local farmers were not producing the
commodity to the required quality.
Sanusi said the solution was not simply to put farmers on
digital financial platforms but to train them, improve productionand connect
them with buyers.
He said financial inclusion should create a link between
farmers, markets, and manufacturers.
Sanusi also urged the CBN to prioritise price stability,
saying inflation remains a major threat to savings and wealth creation.
“There is no enemy to savings, no enemy to wealth that is
bigger than inflation,” he said.
He also advocated using transaction data generated by
fintech companies and payment service providers to develop savings, pension,
and insurance products for Nigerians who may not have traditional banking
relationships.
Sanusi said platforms with extensive transaction data and
rural reach could channel small amounts from transactions into savings,
pensions, or insurance.
He suggested that “even N100” could be directed from a
transaction towards savings or insurance where appropriate systems exist.
The traditional ruler also said insurance products could
protect market traders against risks such as fire and farmers against crop
failures.
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