CBN Warns Against Illegal Operations of Zuldal Microfinance Bank
The Central Bank of Nigeria (CBN) has disowned Zuldal Microfinance Bank for operating illegally without proper regulatory approval. The CBN clarified that Zuldal is not a licensed microfinance bank and warned the public against engaging in financial transactions with the unauthorized entity.
Zuldal had been falsely presenting itself as a CBN-licensed microfinance bank with branches in Lagos, Abuja, Kaduna, and Kano. The CBN emphasized the need for individuals and entities to verify the licensing status of financial institutions before engaging with them to prevent fraud and financial risks.
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