The Central Bank of Nigeria (CBN) has disowned an organisation operating under the name Zuldal Microfinance Bank Limited, warning that the entity is not licensed to operate any form of banking or microfinance business in the country.
According to the apex bank, Zuldal Microfinance Bank has been reportedly operating branches in Lagos, Abuja, Kaduna, and Kano while falsely claiming to possess a CBN-issued licence.
In a statement, signed by Hakama Sidi Ali (Mrs.), Acting Director, Corporate Communications, the CBN clarified that Zuldal Microfinance Bank Limited is not a licensed Microfinance Bank and has no authorisation from the Bank to conduct banking or microfinance activities in Nigeria.
The regulator referenced Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which states 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, therefore, urged members of the public to disregard any licensing claims by the organisation and avoid engaging in any financial transactions with it, stressing that anyone who does so does so at their own risk.
Reaffirming its mandate to safeguard the financial system, the CBN said it remains committed to protecting Nigerians from unlicensed and fraudulent institutions. It also reminded the public that the full list of all licensed financial institutions in the country is available on its website.
SOURCE: tribuneonlineng.com