The Emir of Kano and former Central Bank of Nigeria (CBN) Governor, Muhammadu Sanusi II, has expressed regret over the delay in granting telecommunications companies (telcos) access to Nigeria’s financial services sector during his tenure.

Sanusi spoke on Wednesday at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey organised by Enhancing Financial Innovation & Access (EFInA).

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

The former CBN governor said telcos already had the infrastructure and nationwide reach capable of expanding financial services to millions of underserved Nigerians, particularly those in rural communities.

He, however, said financial inclusion should go beyond opening bank accounts and enabling money transfers.

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

He stressed the need to link financial services to productive sectors of the economy, particularly agriculture and manufacturing, to ensure that financial inclusion translates into improved livelihoods.

Citing groundnut farmers in Kano, Sanusi said a company producing ready-to-use therapeutic food for malnourished children had been forced to import peanuts from Argentina because local farmers were unable to meet the required quality standards.

He said simply providing farmers with digital financial services would not address the problem, stressing the need for training, improved production methods and stronger connections between farmers and potential buyers.

According to him, financial inclusion should establish a link between farmers, markets and manufacturers while helping producers gain access to the resources required to increase their output.

Sanusi also urged the CBN to sustain its focus on price stability, describing inflation as 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 further called for the use of transaction data generated by fintech companies and payment service providers to design savings, pension and insurance products for Nigerians outside the traditional banking system.

Sanusi said platforms with large transaction databases and extensive rural reach could enable small amounts from everyday transactions to be channelled into savings, pensions or insurance.

He suggested that even N100 could be set aside from a transaction for such purposes where appropriate systems are available.

The former CBN governor also advocated wider access to insurance products, particularly for vulnerable groups, saying market traders could be protected against risks such as fire, while farmers could obtain cover against crop failures.