The Central Bank of Nigeria (CBN) has distanced itself from an entity called ZULDAL Microfinance Bank which is parading itself as a CBN licensed financial institution, and has warned the general public that anyone transacting any business with the said entity is doing so at their own risk.
In a statement by Hakama Sidi Ali (Mrs.), the Ag. Director, Corporate Communications, CBN, titled “ZULDAL Microfinance Bank” Is not Licensed By the CBN,” the apex Bank said its attention has been drawn to the activities of this entity, “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 stressed that “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.”
It noted that 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 Bank, 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 CBN reassured that it “remains committed to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions,” pointing out that, for the avoidance of doubt, “a list of all licensed financial institutions in Nigeria is available on the CBN website: www.cbn.gov.ng.”
