By Tochukwu Bliss, Abuja
The attention of the Central Bank of Nigeria (CBN), yesterday, warned the general public against engaging in any business or financial transactions with Zuldal Microfinance Bank Limited.
According to the CBN, the Microfinance Bank, with branches in Lagos, Abuja, Kaduna, and Kano, and claims to be licensed by the apex bank, is in fact, not permitted to carry out any banking in Nigeria.
A statement Ag. Director, Corporate Communications, Hakama Sidi Ali, reads in part: “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.
“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.”
The CBN therefore strongly advised the general public “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 banking operations regulator reiterated its commitment “to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions.”
Besides, it added, “A list of all licensed financial institutions in Nigeria is available on the CBN website: www.cbn.gov.ng.”
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.
