The Central Bank of Nigeria (CBN) has declared that Zuldal Microfinance Bank Limited is not a licensed Microfinance Bank and has no authorisation to operate or carry out any form of banking or microfinance business in Nigeria.
“The said 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, ” the CBN declared.
The Apex Bank therefore warned the general public against doing any financial transaction with ZULDAL Microfinance Bank which claimed that it has its branches in Lagos, Abuja, Kaduna, and Kano, saying anyone who enter into any financial transactions with the microfinance entity does so at his or he own risk.
“The general public is therefore 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 said entity, as such dealings are undertaken at the individual’s own risk,” the Central Bank of Nigeria asserted.
A statement by the Acting Director, Corporate Communications of the CBN, Hakama Sidi-Alli, affirmed that the Microfinance Bank has not complied with the laid down rules and regulations on registration for operating a microfinance entity in Nigeria.
“The said 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.
For the avoidance of doubt, 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,” Sidi-Alli said.
Giving the assurance of its commitment to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions, the CBN shared a link to the list of all licensed financial institutions in Nigeria on its website: www.cbn.gov.ng
