The Central Bank of Nigeria (CBN) has distanced itself from Zuldal Microfinance Bank Limited, declaring the institution an illegal operator with no licence to conduct banking activities in the country.
In a statement posted on X on Thursday, the Acting Director of Corporate Communications, Hakama Sidi Ali, said the firm has never received regulatory approval from the CBN, making its operations a direct violation of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Quoting Section 2(1) of BOFIA, the CBN stressed 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 was alerted to misleading reports that Zuldal Microfinance Bank—claiming to run branches in Lagos, Abuja, Kaduna, and Kano—was presenting itself to the public as a licensed microfinance institution.
According to the statement, “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 warned Nigerians to exercise extreme caution, stressing that transactions with unlicensed financial operators expose individuals to serious 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 bank added.
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