By CHARLES IWUOHA

The Central Bank of Nigeria (CBN) has placed a disclaimer on Zuldal Microfinance Bank Limited.

The CBN said the microfinance bank 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.

This was contained in a statement issued on Wednesday by CBN's acting Director, corporate communications, Hakama Sidi Ali (Mrs.) and made available to NewsExpress.

The apex bank stated that 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”.

According to the statement, “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.”

It said that “the CBN remains committed to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions.”

CBN announced that a list of all licensed financial institutions in Nigeria is available on its website: www.cbn.gov.ng