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Barbara Bako, Abuja.
The Central Bank of Nigeria (CBN) has raised an alarm over the activities of Zuldal Microfinance Bank Limited, warning that the firm is operating illegally and without the required licence to carry out banking services in Nigeria.…
In a statement signed by the Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said its attention had been drawn to the activities of the company, which reportedly operates branches in Lagos, Abuja, Kaduna and Kano while claiming to be licensed by the CBN.
According to the statement, “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 bank further cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which 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 urged Nigerians to disregard any licensing claims by the entity and avoid engaging in transactions with it.
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“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.
Reaffirming its commitment to protecting the public from fraudulent and unlicensed institutions, the apex bank advised Nigerians to verify the status of financial institutions through the list of licensed operators available on its website.
The full list can be accessed on the CBN website.
Rabiu M. Hamza
Agency News
