ZULDAL Microfinance Bank Is Not Licensed – CBN
The Central Bank of Nigeria (CBN) has disowned an organisation operating under the name Zuldal Microfinance Bank Limited, warning Nigerians that the entity is neither licensed nor authorised to conduct any form of banking or microfinance business in the country.
In a statement issued by the Acting Director of Corporate Communications, Ali Hakama Sidi Ali, the apex bank said its attention had been drawn to the activities of the organisation, which reportedly operates branches in Lagos, Abuja, Kaduna, and Kano while claiming to be licensed by the CBN.
According to the statement, “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 further clarified that its regulatory framework does not permit such operations without proper incorporation and licensing. Citing the Banks and Other Financial Institutions Act (BOFIA) 2020, the bank emphasised: “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.”
The apex bank urged Nigerians to exercise caution and avoid any financial dealings with the entity, stressing that anyone who transacts with Zuldal Microfinance Bank does so at their 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,” the statement warned.
Reaffirming its commitment to safeguarding the financial system, the CBN encouraged members of the public to verify the status of financial institutions through the list of licensed operators available on its official website.
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