LunagisthubCBN Warns Nigerians Against Unlicensed Microfinance Bank Zuldal
The Central Bank of Nigeria (CBN) has issued a warning against Zuldal Microfinance Bank Limited, stating that the entity is operating illegally without regulatory approval. According to the CBN, Zuldal Microfinance Bank Limited is not a licensed microfinance bank and has no authorization to carry out banking or microfinance business in Nigeria .
The CBN has warned that dealing with unlicensed financial operators like Zuldal Microfinance Bank Limited carries significant risks, including loss of funds. The bank’s actions are a clear violation of the Banks and Other Financial Institutions Act (BOFIA) 2020, which stipulates that only companies duly incorporated in Nigeria and holding a valid banking license issued by the CBN can carry out banking business in the country .
The CBN urges Nigerians to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial transactions with the entity. The public is advised to verify the licensing status of financial institutions before investing or carrying out any banking transactions .
The CBN remains committed to protecting the integrity of the financial system and safeguarding Nigerians from the activities of unregulated and fraudulent operators. A full list of licensed financial institutions can be found on the CBN’s official website .
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