The Central Bank Of Nigeria, CBN has distanced itself from the activities of Zuldal Microfinance Bank Limited, saying it has not licensed it to operate as a micro finance bank.
The apex bank said its attention had been drawn to the activities of an entity operating under the name Zuldal Microfinance Bank Limited, which reportedly has branches in Lagos, Abuja, Kaduna, and Kano, and claims to be licensed by the CBN to carry out microfinance banking in Nigeria.
The CBN 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.
It further stated “For the avoidance of doubt, 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”.
In a statement made available to financial journalists the apex bank said “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 stateemnt further stated “ CBN remains committed to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions, adding “A list of all licensed financial institutions in Nigeria is available on the CBN website: www.cbn.gov.ng