The Central Bank of Nigeria (CBN) has issued a formal disclaimer disowning Zuldal Microfinance Bank Limited, warning that the entity is operating illegally and without any form of regulatory approval.
In a statement on Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said its attention had been drawn to reports that the firm, which claims to operate branches in Lagos, Abuja, Kaduna and Kano, presents itself as a CBN-licensed microfinance bank.
The CBN stressed that “The said Zuldal Microfinance Bank Limited is not a licensed Microfinance Bank and has no authorisation from the Central Bank of Nigeria to operate or carry out any form of banking or microfinance business in Nigeria.”
The bank added that the institution’s claim of being licensed is false and should be disregarded by the public.
CBN warns the public against transactions with Zuldal MFB
In the detailed warning, the CBN referenced the Banks and Other Financial Institutions Act (BOFIA) 2020, noting that Section 2(1) of the law explicitly states that “no person 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.”
The apex bank urged Nigerians to avoid dealing with the firm, stressing that engaging in transactions with unlicensed financial operators carries significant risks.
According to the statement, “the general public is therefore strongly advised to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial transactions with the said entity, as such dealings are undertaken at the individual’s own risk.”
The CBN said it remains committed to protecting the financial system from unregulated and fraudulent institutions, noting that a full list of licensed financial institutions is available on its website.
