Former Central Bank of Nigeria Governor Sanusi Lamido Sanusi has admitted that his decision to delay the entry of telecommunications companies into Nigeria’s financial services sector was a mistake. Speaking at the launch of the 2026 Access to Financial Services in Nigeria (A2F) survey, Sanusi acknowledged that his earlier stance hindered the growth of the sector. The admission comes as part of a broader discussion on financial inclusion and regulatory reforms in Nigeria.
Sanusi, who served as governor of the CBN from 2014 to 2023, expressed regret over the delay, which he now sees as a barrier to innovation and competition in the financial services industry. His comments were echoed by other officials at the event, who emphasized the need for faster regulatory approvals to attract more players into the sector. The A2F survey highlights ongoing challenges in financial access, particularly in rural areas.
The admission marks a rare public acknowledgment of past regulatory decisions that had long been debated in Nigerian financial circles. While some argue that the delay was due to concerns over financial stability, others believe it slowed progress in digital banking and fintech. The event in Abuja brought together policymakers, industry leaders, and academics to discuss ways to improve financial inclusion.
The conversation reflects a growing recognition of the need for balanced regulation that supports both innovation and stability. As Nigeria continues to expand its financial services sector, the lessons from past decisions will likely shape future policy.
