The Central Bank of Nigeria (CBN) has disowned what it called “an entity” operating under the name of Zuldal Microfinance Bank Limited, with branches in Lagos, Abuja, Kaduna and Kano.
“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.”
A statement by the CBN Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, drew attention to section 2 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 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 licence issued by the CBN,” stressing that the said Zuldal Microfinance Bank Limited has not met such requirements to carry out microfinance banking in Nigeria.
“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 CBN remains committed to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions. A list of all licensed financial institutions in Nigeria is available on the CBN website: www.cbn.gov.ng.”
