The Central Bank of Nigeria (CBN) has issued a disclaimer stating that Zuldal Microfinance Bank Limited is not licensed to operate in the country. Although Zuldal claims to have branches in Lagos, Abuja, Kaduna and Kano and asserts that it holds a CBN licence for microfinance banking, the apex bank has confirmed that this is false.
In a statement released on Wednesday, CBN Acting Director of Corporate Communications Hakama Sidi Ali warned the public about the unlicensed institution. The warning cites Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which requires that only companies duly incorporated in Nigeria and holding a valid CBN banking licence may carry on banking business in the country.
The CBN advises the public to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from conducting any financial transactions with the entity. Dealing with unlicensed institutions is undertaken at the individual’s own risk and could result in financial loss. To verify the licensing status of any financial institution, the public can consult the list of licensed entities on the CBN website at www.cbn.gov.ng.
This disclaimer underscores the CBN’s commitment to safeguarding the financial system and protecting consumers from fraudulent and unlicensed operators. By verifying licences before engaging in transactions, individuals help prevent losses and support a stable financial environment. The CBN continues to monitor and regulate the sector, urging the public to remain vigilant and report any suspicious activities to the appropriate authorities.
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