The Central Bank of Nigeria (CBN) has disowned Zuldal Microfinance Bank Limited, warning that the entity is operating illegally and without any form of regulatory approval.
In a detailed statement issued on Thursday, the Acting Director of Corporate Communications, Hakama Sidi Ali, cited the Banks and Other Financial Institutions Act (BOFIA) 2020, noting that Section 2(1) clearly 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 said it became aware of reports that the firm, which claims to run branches in Lagos, Abuja, Kaduna, and Kano, has been presenting itself as a CBN-licensed microfinance bank.
The CBN stressed that “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.”
It added that the institution’s claim of being licensed is false and should be disregarded by the public.
The bank further urged Nigerians to avoid dealing with the firm, warning that transactions with unlicensed financial operators pose 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.”
