The Central Bank of Nigeria (CBN) has disowned Zuldal Microfinance Bank Limited, warning that the entity is operating illegally without any regulatory approval.
In a statement released Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN cited the Banks and Other Financial Institutions Act (BOFIA) 2020, noting that Section 2(1) of the law explicitly states: “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 reports indicate that Zuldal Microfinance Bank, which claims to operate branches in Lagos, Abuja, Kaduna, and Kano, is presenting itself as a CBN-licensed microfinance bank.
“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 CBN stressed. The bank added that any claims by the institution of being licensed are false and should be disregarded by the public.
The CBN urged Nigerians to avoid engaging with the firm, warning that transactions with unlicensed financial operators carry significant risks. “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 statement said.
