The Central Bank of Nigeria (CBN) has warned the public against a purported financial institution operating as Zuldal Microfinance Bank Limited, stressing that the organisation is not licensed to conduct banking or microfinance business in Nigeria.
According to the apex bank, Zuldal Microfinance Bank has reportedly opened branches in Lagos, Abuja, Kaduna, and Kano, while falsely claiming to hold a CBN-issued licence.
In a statement signed by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN clarified that the entity has no authorisation to operate as a microfinance bank or conduct any form of banking business in the country.
The regulator cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which stipulates 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 disregard any licensing claims by Zuldal Microfinance Bank and to refrain from engaging in financial transactions with the outfit, warning that such dealings would be at the individual’s risk.
Reaffirming its commitment to safeguarding the financial system, the CBN said it remains vigilant against unlicensed operators and reminded the public that a full list of licensed banks and microfinance institutions is available on its official website.