WorldStage– The Central Bank of Nigeria (CBN) said its attention has been drawn to the activities of an entity operating under the name Zuldal Microfinace Bank Limited, which reportedly has branches in Lagos, Abuja, and Kano and claims to be licensed by the CBN to carry out microfinance banking in Nigeria.
A statement by Hakama Sidi Ali (Mrs), Ag Director, Corporate Communications said Zuldal Microfinace Bank Limite is not a licensed and has no authorization from the CBN to operate or carry out any form of banking or microfinance business in Nigeria
“For the avoidance of doubt, Section 2(1) of Banks and Other Finacial Institutions Act (BOFIA) 202 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 license issued by the CBN””, the statement said.
“The general public is therefore strongly advised to disregard any claims of licensing or approval by Zuldal Microfinace 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 ion the CBN website: www.cbn.gov.ng”.
