Cardoso: Price stability, consumer protection critical to deepen inclusion

Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has admitted that he was wrong to delay the entry of telecommunications companies into Nigeria’s financial services space, saying the decision slowed the expansion of financial inclusion.

Speaking at the launch of the Access to Financial Services in Nigeria (A2F) 2026 Survey Report yesterday in Abuja, Sanusi said his decision was influenced by concerns over the safety of depositors’ funds following the banking crisis at the time.

However, reflecting on his tenure as CBN governor, he said the subsequent growth of fintechs and mobile-based financial services had demonstrated that telcos could have accelerated financial inclusion much earlier.

“I’m responsible for delaying the entry of telcos into this space. Part of the challenge, of course, was we had just come out of a banking crisis where we were worried about depositors’ funds, and I wasn’t comfortable allowing companies that I was not the primary regulator of to have access to a huge pool of funds,” Sanusi said.

Sanusi said that, with hindsight, the decision showed how policies driven by legitimate concerns could produce unintended consequences.

Also speaking at the event, CBN Governor, Olayemi Cardoso, said Nigeria’s financial inclusion agenda must move beyond opening bank accounts and expanding access points to deliver tangible improvements in the financial wellbeing and resilience of Nigerians.

He also said exchange-rate volatility affects business planning, investment and the cost of essential inputs, making macroeconomic stability an important foundation for meaningful financial inclusion.

Cardoso said the CBN had, since 2024, refocused its core mandate on monetary and price stability through tighter liquidity management, improved monetary-fiscal coordination and more consistent use of monetary policy instruments.

He added that the apex bank was transitioning towards an inflation-targeting framework designed to place price stability at the centre of monetary policy while improving transparency, accountability and policy communication.

On banking-sector reforms, Cardoso said the recapitalisation programme was intended to ensure that banks possess the capital, governance and risk-management capacity required to support a growing Nigerian economy.

He also disclosed that the CBN had commenced work on the next phase of the National Financial Inclusion Strategy, NFIS 4.0, following completion of the review of the previous strategy.

The new approach, he said, would focus increasingly on data-driven and accountable inclusion, sub-national delivery, consumer protection and digital financial safety.