The Central Bank of Nigeria’s (CBN) warning about Zuldal MFB has become a hot topic following a recommendation for Nigerians to steer clear of the Zuldal Microfinance Bank. According to the central bank, the institution operates without a valid license and is not authorized to provide banking or microfinance services in the country.
The CBN explained that Zuldal MFB has been presenting itself as a legitimate financial institution with purported branches in major cities. However, these claims lack any regulatory approval. The bank warned that any financial activity undertaken with Zuldal MFB is carried out at the sole risk of the client.
This alert reinforces the CBN’s commitment to protecting the Nigerian financial system from unregistered and fraudulent operators. The regulator emphasized that only banks and microfinance institutions listed in its official directory are authorized to offer financial services.
The warning also references Section 2(1) of the BOFIA Act 2020, which prohibits any organization from operating a banking business without the appropriate license. The Central Bank of Nigeria (CBN) emphasized that unauthorized institutions often expose Nigerians to fraud, loss of funds, and security risks.
Nigerians are strongly advised to verify the legitimacy of any financial institution before making deposits, investments, or applying for loans. The rise of illegal financial operators makes it essential for the public to verify credentials directly with the CBN to avoid falling victim to scams.
This latest warning from the CBN regarding microfinance serves as a further reminder for individuals and businesses to prioritize security, due diligence, and regulatory compliance when managing financial matters.
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