Africa-Press – Nigeria. The Central Bank of Nigeria, CBN, has issued a disclaimer regarding Zuldal Microfinance Bank Limited.
The CBN stated that the microfinance bank, which reportedly has branches in Lagos, Abuja, Kaduna, and Kano, claims to be licensed by the CBN to carry out microfinance banking in Nigeria.
However, Zuldal Microfinance Bank Limited is not a licensed microfinance bank and has no authorisation from the Central Bank of Nigeria to operate or carry out any form of banking or microfinance business in the country.
The warning was contained in a statement issued on Wednesday by CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali (Mrs), and made available to journalists.
For the avoidance of doubt, the apex bank noted that Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 stipulates:
“No person shall carry on any banking business in Nigeria except it is a company duly incorporated in Nigeria and holds a valid banking licence issued by the CBN.”
According to the statement, the general public is strongly advised to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial transactions with the entity, as such dealings are undertaken at the individual’s own risk.
The CBN reiterated its commitment to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions.
A list of all licensed financial institutions in Nigeria is available on the CBN website: www.cbn.gov.ng
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