CBN Warns Against Illegal Microfinance Bank Operating in Multiple States

The Central Bank of Nigeria (CBN) has issued a warning against Zuldal Microfin Bank for operating without a license in Lagos, Kano, and Abuja, violating banking laws. The CBN spokesperson, Hakama Sidi Ali, emphasized that Zuldal's activities are illegal under the Bank and Financial Institutions Act of 2020.

The public is advised to avoid dealing with Zuldal Microfin Bank and consult the CBN's official website for a list of licensed banks. The move aims to protect the public from fraudulent institutions in the microfinance sector.