Zuldal Microfinance Bank Limited is an unregistered organization that operates illegally in Nigeria, according to the Central Bank of Nigeria, which has cautioned Nigerians against doing business with it. Acting Director of Corporate Communications Hakama Sidi Ali stated in a statement posted on X on Thursday that the bank violated the Banks and Other Financial Institutions Act (BOFIA) 2020 by conducting banking operations without regulatory approval. Ten seconds at 00:00/00:00 “No one shall carry on any banking business in Nigeria except it is a company duly incorporated in Nigeria and holds a valid banking licence issued by the CBN,” according to Section 2(1) of the law, according to the statement.
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