Central Bank of Nigeria (CBN) has distanced itself from the operations of an entity known as Zuldal Microfinance Bank Limited, cautioning Nigerians against engaging in any financial dealings with the organisation.
In a statement by the Acting Director, Corporate Communications, Hakama Sidi Ali, the apex bank said Zuldal Microfinance Bank, which reportedly parades branches in Lagos, Abuja, Kaduna and Kano, is neither licensed nor authorised to operate as a microfinance institution in the country.
According to the CBN, the activities of the firm violate Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which stipulates that no individual or entity may conduct banking business in Nigeria without proper incorporation and a valid licence issued by the apex bank.
The bank urged members of the public to disregard any claims of authorisation by the company, warning that transactions with the entity are undertaken at the risk of the individuals involved.
The statement reaffirmed the CBN’s commitment to safeguarding the financial system from unlicensed and fraudulent operators. It added that the full list of duly licensed financial institutions in the country is available on the Bank’s official website.
