The Central Bank of Nigeria has warned the public that Zuldal Microfinance Bank Limited is operating illegally and without any regulatory approval.
In a statement on Thursday, Hakama Sidi Ali, Acting Director of Corporate Communications at CBN, referenced the Banks and Other Financial Institutions Act (BOFIA) 2020. He noted, “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 bank said Zuldal MFB, which claims to have branches in Lagos, Abuja, Kaduna, and Kano, is not licensed. “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 read.
CBN added that the bank’s claim of being licensed is false and should be ignored by the public.
The apex bank also urged Nigerians to avoid dealings with the institution, warning, “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.”
