The Central Bank of Nigeria (CBN) has warned the public about Zuldal Microfinance Bank Limited, stating it is unlicensed and illegally operating in cities in Nigeria such as Lagos, Abuja, Kaduna, and Kano.
This was disclosed in a statement issued by the Acting Director of Corporate Communications, Hakama Sidi Ali, adding that the company is in violation of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The apex bank cited Section 2(1) of the law, which 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 license issued by the CBN.”
The statement reads as follows: “"The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of an entity operating under the name Zuldal Microfinance Bank Limited, which reportedly has branches in Lagos, Abuja, Kaduna, and Kano, and claims to be licensed by the CBN to carry out microfinance banking in Nigeria.
"The said Zuldal Microfinance Bank Limited is not a licensed microfinance bank and has no authorization from the Central Bank of Nigeria to operate or carry out any form of banking or microfinance business in Nigeria."
The statement further noted that “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.”
