CBN Governor Advocates for Local Production and Financial Inclusion in Nigeria’s Telecom Sector

• Airtel Africa’s Group CEO, Mr Sunil Taldar, commended the CBN’s reforms and voiced support for backward integration, emphasising that reducing reliance on the dollar was in the mid to long-term interest of telecom operators.
• The CBN governor also highlighted the institution’s broader goal of deepening financial inclusion and enhancing digital payment solutions for Nigerians.

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has urged telecom operators to capitalize on the financial sector reforms initiated by the apex bank to embrace backward integration.

Eko Hot Blog reports that Cardoso emphasized the need for local production of essential components such as SIM cards, cables, and towers.

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Cardoso argued that this shift would not only reduce the demand for dollars but also create jobs and bolster the economy.

His comments were made during a courtesy visit by Airtel Africa’s management team, led by Group Chief Executive Officer Sunil Taldar, to the CBN headquarters in Abuja.

The CBN governor also highlighted the institution’s broader goal of deepening financial inclusion and enhancing digital payment solutions for Nigerians.

To achieve this, Cardoso announced plans for a high-level summit, where the apex bank will collaborate with industry stakeholders to devise strategies promoting accessible, efficient, and innovative financial services.

“The CBN is committed to ensuring that financial services reach more Nigerians, especially in rural and underserved communities.

“Through collaboration with relevant agencies and industry players, we aim to build a more inclusive and digitally-driven financial ecosystem,” Cardoso said.

He also reassured Airtel and other stakeholders that the CBN would take the necessary steps to create an enabling environment for financial service providers, fostering competition, innovation, and expanded access for Nigerians.

In response, Airtel Africa’s Group CEO, Mr Sunil Taldar, commended the CBN’s reforms and voiced support for backward integration, emphasising that reducing reliance on the dollar was in the mid to long-term interest of telecom operators. He was accompanied by the CEO of Airtel Nigeria, Mr Dinesh Balsingh; Group CFO, Mr Jaideep Paul; and Director of Corporate Communications & CSR, Mr Femi Adeniran.

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Taldar reiterated Airtel’s commitment to deepening financial inclusion in Nigeria through technology-driven solutions and pledged continued collaboration with regulators to drive digitisation and economic growth.