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The Central Bank of Nigeria (CBN) has warned Nigerians that Zuldal Microfinance Bank Limited is not licensed to operate in the country. This means they don’t have the necessary authorization to conduct any form of banking or microfinance business in Nigeria.
According to the CBN, Zuldal Microfinance Bank has branches in Lagos, Abuja, Kaduna, and Kano, but they’re operating illegally. The CBN is advising Nigerians to steer clear of doing business with them, as any transactions with the bank are done at their own risk.
The CBN cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which clearly states that no entity can conduct banking business in Nigeria without a valid license issued by the CBN. This law is in place to protect Nigerians from unlicensed and potentially fraudulent institutions.
Zuldal Microfinance Bank’s website is currently password-protected, and online checks reveal that it’s a relatively new outfit that has recently marketed itself as a microfinance bank in Nigeria. There’s no evidence that it’s insured by the Nigeria Deposit Insurance Corporation (NDIC) either.
The CBN is committed to safeguarding Nigeria’s financial system and protecting members of the public from unlicensed and fraudulent institutions. They’re urging Nigerians to verify the legitimacy of financial institutions through the list of licensed operators available on the CBN website.
To stay safe, Nigerians should be cautious when dealing with financial institutions and always check the CBN’s website to confirm if they’re licensed. This will help prevent falling prey to scams and ensure that their hard-earned money is protected.
