Former Central Bank of Nigeria Governor and Emir of Kano, Sanusi Lamido Sanusi II, has warned that expanding access to bank accounts and digital financial services will not reduce poverty unless Nigeria connects its financial system to production, investment and job creation.
Sanusi made the remarks at the launch of the 2026 Access to Financial Services in Nigeria survey in Abuja, where he argued that financial inclusion should be measured by its impact on livelihoods and economic security, rather than merely by the number of accounts opened or transactions completed.
According to him, Nigeria needs policies that attract investment and direct financial resources towards farmers, manufacturers, traders and other productive sectors.
“Financial solutions do not themselves create the economy. You want to build an economy, you need to have the right structure and policies which attract investment,” he said.
Sanusi noted that the growth of fintech and digital payment platforms presented an opportunity to strengthen the connection between finance and the real economy. He also called for greater use of existing financial infrastructure to develop savings, insurance, pension and credit products for low-income households.
He warned that inflation remained a major threat to savings and household wealth, saying persistent price increases could discourage long-term savings and push Nigerians towards foreign currencies and other assets.
“There is no enemy to savings, no enemy to wealth that is bigger than inflation,” he said.
The former CBN governor urged policymakers to consider regional economic differences when designing financial inclusion programmes, particularly in Northern Nigeria, where poverty and financial exclusion remain significant challenges.
He also cautioned against inconsistent government policies that could weaken domestic industries, urging authorities to consider the effects of major economic decisions on farmers, manufacturers and other producers before exposing local businesses to increased import competition.
Sanusi further advocated stronger collaboration among financial regulators to reduce confusion and support innovation across banking, telecommunications, insurance, pensions and digital finance.
Reflecting on his tenure at the CBN, he acknowledged that some decisions could have been handled differently, particularly the pace at which telecommunications companies were allowed to participate in financial services.
He maintained that Nigeria had already developed substantial financial infrastructure, but the next challenge was to connect it more effectively to the productive economy.
“Opening accounts, moving money, is not the same as spending. It is not the same as reducing poverty,” he said.
Also speaking at the event, the Director-General of the National Pension Commission, Omolola Oloworaran, said financial inclusion must go beyond access to accounts and focus on building resilience, security and long-term economic wellbeing.
Oloworaran disclosed that pension participation rose from 7.8 per cent of adults in 2023 to 9.1 per cent in 2026, but noted that approximately nine out of every 10 Nigerian adults remained outside formal pension arrangements.
She said the gap was particularly concerning among informal-sector workers, including traders, farmers, mechanics, drivers, tailors, hairdressers and digital-platform workers.
Oloworaran called for stronger pension-focused research in future financial services surveys to determine what would encourage informal workers to enrol, contribute regularly and trust financial products designed for long-term security.
The Board Chairman of Enhancing Financial Innovation and Access, Dr Agnes Olatokunbo Martins, said the 2026 survey was designed to provide evidence on how Nigerians actually interact with the financial system.
Martins explained that the survey, conducted since 2008, offers a nationally representative, demand-side view of the financial lives of Nigerian adults, helping policymakers identify persistent barriers and design interventions that promote meaningful financial and economic inclusion.
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