CBN Warns Against Transactions with Unlicensed Microfinance Bank in Four States

The Central Bank of Nigeria (CBN) has cautioned Nigerians against conducting financial dealings with an unlicensed microfinance bank operating branches in Lagos, Abuja, Kaduna, and Kano. The apex bank emphasized that the entity is not authorized to operate as a microfinance institution in the country, violating the provisions of the Bank and Other Financial Institutions Act (BOFIA) 2020.

The CBN urged the public to avoid the activities of the unlicensed firm and reiterated its commitment to safeguarding the financial system from fraudulent operations. This warning comes amidst a growing concern over the proliferation of unregistered financial schemes across the country.