The Central Bank of Nigeria (CBN) has issued a formal disclaimer, alerting Nigerians that an entity operating under the name Zuldal Microfinance Bank Limited is not licensed to conduct any form of banking or microfinance business in the country.
In the notice released on Thursday, the apex bank said its attention had been drawn to reports that the organisation, which claims to have branches in Lagos, Abuja, Kaduna, and Kano, was allegedly operating as a CBN-approved microfinance institution.
The CBN firmly refuted this claim, stressing 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.”
Citing the Banks and Other Financial Institutions Act (BOFIA) 2020, the regulator reiterated that only companies duly incorporated in Nigeria and holding valid CBN-issued banking licences are permitted to conduct banking activities.
The statement, signed by Hakama Sidi Ali, Acting Director of Corporate Communications, cautioned Nigerians to avoid engaging in any financial dealings with the entity, warning that such transactions would be “undertaken at the individual’s own risk.”
“The general public is 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,” the CBN said.
The apex bank added that it remains committed to safeguarding Nigeria’s financial system from fraudulent or unlicensed institutions. It encouraged members of the public to verify authorised institutions through the list of licensed financial organisations available on its website.
