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The Central Bank of Nigeria (CBN) has issued a disclaimer concerning Zuldal Microfinance Bank Limited.
The CBN indicated that the microfinance bank, which reportedly has branches in Lagos, Abuja, Kaduna, and Kano, claims to be licensed by the CBN to conduct microfinance banking in Nigeria.
However, Zuldal Microfinance Bank Limited is not a licensed microfinance bank and lacks authorization from the Central Bank of Nigeria to operate or engage in any form of banking or microfinance business within the country.
This warning was included in a statement released on Wednesday by CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali (Mrs), which was made available to journalists.
To clarify, the apex bank emphasized that Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 states:
“No person shall engage in any banking business in Nigeria unless it is a company duly incorporated in Nigeria and holds a valid banking license issued by the CBN.”
According to the statement, the general public is strongly urged to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to avoid engaging in any financial transactions with this entity, as such dealings are conducted at the individual's own risk.
The CBN reaffirmed its commitment to protecting the financial system and safeguarding the public from unlicensed and fraudulent institutions.
A comprehensive list of all licensed financial institutions in Nigeria can be found on the CBN website: www.cbn.gov.ng
Frequently Asked Questions
Is Zuldal Microfinance Bank Limited licensed by the CBN?
No, Zuldal Microfinance Bank Limited is not licensed by the Central Bank of Nigeria and does not have authorization to operate.
What should I do if I have transactions with Zuldal Microfinance Bank Limited?
It is advised to refrain from engaging in any financial transactions with Zuldal Microfinance Bank Limited, as such dealings are undertaken at your own risk.
Where can I find a list of licensed financial institutions in Nigeria?
A list of all licensed financial institutions in Nigeria is available on the Central Bank of Nigeria's website at www.cbn.gov.ng .
