The Central Bank of Nigeria (CBN) has warned Nigerians to desist from engaging in any financial dealings with a Microfinance Bank (MFB) whose name is identified as Zuldal Microfinance Bank Limited.
The apex bank declared that the entity is neither licensed nor authorised to operate as a microfinance institution in the country.
Naija News reports that the warning was issued on Thursday in a statement posted on the bank’s official 𝕏 handle and titled “Zuldal Microfinance Bank is not licensed by the CBN.”
According to the apex bank, reports had emerged indicating that the company was operating branches in Lagos, Abuja, Kaduna and Kano while claiming to be duly licensed by the CBN.
“The attention of the Central Bank of Nigeria (CBN) has 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 statement read.
“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.”
The apex bank emphasised that the claim violates provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
“For the avoidance of doubt, Section 2(1) of the 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 CBN noted.
The CBN urged members of the public to steer clear of the firm’s activities and disregard any claims suggesting that the institution has regulatory approval.
“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 statement added.
The CBN said it remains committed to safeguarding the financial system from fraudulent operators and unlicensed institutions.
It also reminded Nigerians that the full list of approved financial institutions is available on its website: www.cbn.gov.ng. The warning comes amid concerns over the rising number of unregistered financial schemes operating across the country.
