The Central Bank of Nigeria (CBN) has issued a strong public warning disassociating itself from an entity parading as Zuldal Microfinance Bank Limited, which claims to be duly licensed to operate across major cities in Nigeria.
According to the apex bank, Zuldal Microfinance Bank, despite reportedly running branches in Lagos, Abuja, Kaduna, and Kano, is neither licensed nor authorised to conduct microfinance or any form of banking business in the country.
In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN reiterated that the institution has never issued a licence to Zuldal Microfinance Bank and has no regulatory relationship with the entity.
The CBN emphasized that the operations of such an unlicensed organisation pose serious risks to unsuspecting Nigerians, stressing that any financial engagement with the entity is undertaken at the individual’s peril.
Citing Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the Central Bank reminded the public 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 claims by Zuldal Microfinance Bank suggesting legitimacy or regulatory approval. It further advised the public to verify the status of any financial institution before transacting.
To support safer financial interactions, the CBN reassured citizens of its continued commitment to protect the integrity of Nigeria’s financial system and safeguard the public from fraudulent and unlicensed operations.
A list of all CBN-licensed financial institutions remains publicly available on the official CBN website.
The Central Bank of Nigeria (CBN) has disowned Zuldal Microfinance Bank, warning Nigerians that the entity is not licensed to operate any banking or microfinance business. The apex bank urges the public to avoid financial dealings with the fraudulent institution and verify licensed operators on its official website.
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