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.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
Read full article
Continue on Legit NG
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
CBN Warns Against Illegal Operations of Zuldal Microfinance Bank
CBN-Approved Microfinance Bank Exposed for Operating Illegally in 4 States
CBN Confirms 82 Licensed BDCs, Warns Against Unauthorised Dealers
CBN Licenses 82 BDCs, Warns Against Unlicensed Forex Transactions
CBN Orders Banks to Halt Misleading Ads, Warns of Penalties
CBN Releases List of 82 Licensed BDC Operators in Nigeria
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
