We didn’t licence ZULDAL Microfinance Bank for financial operations – CBN
Omeiza Bilal
The Central Bank of Nigeria (CBN) has said that it has never at anytime Licensed ZULDAL Microfinance Bank Limited to operate as a financial institution in Nigeria
According to the apex Bank, “The said ZULDAL Microfinance Bank Limited is not a Licensed Bank and has no authoriization from the CBN to operate or carry out any form of banking or microfinance business in Nigeria.”
The CBN Acting Director, Hakama Sidi Ali (Mrs.) stated this yesterday in a statement made available to Journalists.
She said, 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 claimed to be licensed by the CBN to carry out microfinance banking in Nigeria.”
“For the avoidance of doubts, Section 2( 1) of the Banks and Other Financial Institution’ s Act ( BOFA) ,2020 stipulates that no person shall carry on any banking business in except in license issued by the CBN.”
The statement warned, “The general public is therefore strongly advised to disregard any claims of Licencing or approval by ZURDAL Microfinance Bank Limited and to refrain from engaging in any financial transactions with the said entity as such dealings are undertaken at the individuals own risk.”
It assured that the Apex Bank 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,” the Apex Bank said.
