Nigeria, Nov. 20 -- Hakama Sidi Ali, the Acting Director of Corporate Communications, issued a formal statement acknowledging that the apex bank was made aware of claims that Zuldal was misrepresenting itself as a fully licensed microfinance company having branches in Lagos, Abuja, Kaduna, and Kano.

According to the CBN, Zuldal is not one of the permitted microfinance banks operating in the country. The apex bank highlighted that the group had no right to engage in banking or microfinance activities, undercutting its claims of CBN approval, which the public should dismiss.

The News Chronicle understands that the regulator is concerned about the rising number of unlicensed financial operators targeting unsuspecting Nigerians through onli...