The Central Bank of Nigeria (CBN) has announced that Zuldal Microfinance Bank Limited was not licensed by it to carry out banking operations in Nigeria.
CBN, in a statement on Thursday by the Ag. Director, Corporate Communications, Hakama Sidi Ali, explained that the bank which claimed to have been licensed by the apex bank reportedly has branches in Lagos, Abuja, Kaduna, and Kano.
It reiterated that 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 Nigeria.
CBN submitted that Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 stipulates that “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”.
It therefore, warned general public to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial
transactions with the said entity, as such dealings are undertaken at the individual’s own risk.
CBN said it remains committed to safeguarding the financial system and protecting members
of the public from unlicensed and fraudulent institutions.
It said a list of all licensed financial
institutions in Nigeria is available on its website: www.cbn.gov.ng
