The Central Bank of Nigeria (CBN) has flagged all the activities of an entity operating under the name Zuldal Microfinance Bank Limited as illegal and lacks operational license in Nigeria.
Investigations by Fintechinsights revealed that Zuldal have branches in Lagos, Abuja, Kaduna, and Kano, and claimed to be licensed by the CBN to carry out microfinance banking in Nigeria.
However, the apex bank have refuted their claims in a strongly worded press statement shared by CBN’s Ag. director of corporate communications, Hakama Sidi Ali that was posted on the verified X handle on Wednesday.
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Read full statement below:
“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”
Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 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.’
“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,” Mrs Ali added.
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