The Central Bank of Nigeria (CBN) on Thursday stated that Zuldal Microfinance Bank Limited is not licensed and has no authorisation to operate or conduct any form of banking or microfinance business in Nigeria.
This was disclosed in a statement signed by Hakama Sidi Ali (Mrs.), Acting Director of Corporate Communications.
For clarity, the statement referenced Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which provides that “no person shall carry on any banking business in Nigeria unless it is a company duly incorporated in Nigeria and holds a valid banking licence issued by the CBN.”
The CBN further cautioned the public to disregard any claims of licensing or approval made by Zuldal Microfinance Bank Limited and advised Nigerians to refrain from engaging in any financial transactions with the institution, warning that anyone who does so does so at their own risk.
The statement reaffirmed the apex bank’s commitment to protecting the financial system and safeguarding the public from unlicensed or fraudulent entities. It added that a list of all licensed financial institutions in Nigeria is available on the CBN website: www.cbn.gov.ng.
The statement reads: “ 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 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 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 CBN remains committed to safeguarding the financial system and protecting members
of the public from unlicensed and fraudulent institutions. “
A list of all licensed financial
institutions in Nigeria is available on the CBN website: www.cbn.gov.ng
