CBN warns public: Zuldal Microfinance Bank not licensed to operate

The Central Bank of Nigeria (CBN) has denied issuing any licence to an entity operating under the name Zuldal Microfinance Bank Limited, warning Nigerians to avoid doing business with the organisation.

In a statement issued by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said its attention had been drawn to the activities of the firm, which reportedly operates branches in Lagos, Abuja, Kaduna and Kano while falsely claiming to be 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 statement clarified.

Citing Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN stressed that no entity is permitted to conduct banking business in Nigeria without proper incorporation and a valid licence issued by the apex bank.

The public was strongly advised to disregard any claims of approval by Zuldal Microfinance Bank and desist from entering into financial transactions with the entity, warning that anyone who does so does so at their own risk.

Reaffirming its commitment to safeguarding the financial system, the CBN encouraged Nigerians to verify the licensing status of financial institutions through the list of approved operators available on its official website.

“The CBN remains committed to protecting members of the public from unlicensed and fraudulent institutions,” the statement added.