CBN-Approved Microfinance Bank Exposed for Operating Illegally in 4 States

The Central Bank of Nigeria (CBN) has uncovered Zuldal Microfinance Bank operating branches in Lagos, Abuja, Kaduna, and Kano without a valid license. Despite CBN's approval of 737 microfinance banks, Zuldal was found to be operating illegally.

The CBN's Acting Director of Corporate Communications, Hakama Sidi Ali, warned the public to disregard Zuldal's claims and avoid financial transactions with them. Additionally, Titan Trust Bank has updated its social media to reflect a new identity separate from Union Bank Nigeria following their awaited merger.