CBN Warns Public: Zuldal Microfinance Bank Operating Illegally
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The Central Bank of Nigeria (CBN) has issued a strong public warning disowning Zuldal Microfinance Bank Limited, stating that the organisation is operating without any regulatory approval or licence.
In an official statement released on Thursday, the Acting Director of Corporate Communications, Hakama Sidi Ali, said the apex bank has not granted Zuldal Microfinance Bank any authorisation to operate in the country. The clarification followed reports that the firm, which claims to have branches in Lagos, Abuja, Kaduna, and Kano, presents itself as a licensed microfinance institution.
The CBN referenced Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which clearly states that no individual or entity is permitted to conduct banking business in Nigeria without being duly incorporated and licensed by the CBN.
According to the apex bank, Zuldal’s claims of being a licensed microfinance bank are false and should be disregarded. It urged Nigerians to avoid any dealings with the organisation, warning that engaging with unlicensed financial operators exposes individuals to significant financial risks.
The statement further advised the public to exercise caution, emphasising that any transactions conducted with Zuldal Microfinance Bank are done entirely at the individual’s risk.
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