The Central Bank of Nigeria (CBN) has issued a stern public warning disowning Zuldal Microfinance Bank Limited, describing the institution as an illegal operator with no regulatory approval to conduct banking or microfinance services in the country.
In a statement released on Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank stated that it had been alerted to claims made by Zuldal MFB, which reportedly markets itself as a CBN-licensed microfinance bank with branches in Lagos, Abuja, Kaduna and Kano. The bank clarified that such claims are entirely false.
“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, urging members of the public to disregard any suggestion that the entity has CBN approval.
Reinforcing its position, the CBN cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which expressly prohibits individuals or organisations from conducting banking activities in Nigeria without proper incorporation and a valid licence issued by the apex bank. By operating outside this legal framework, Zuldal MFB is in clear violation of Nigerian financial regulations.
The CBN further warned that engaging with unlicensed financial operators poses significant risks to customers, including potential loss of funds and exposure to fraudulent schemes. It advised Nigerians to exercise caution and avoid any form of financial dealings with the firm.
“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,” the statement added.
The apex bank reaffirmed its commitment to safeguarding the integrity of the financial sector and protecting consumers from fraudulent or unregulated institutions. It also reminded the public that a full list of approved financial institutions is available on its website for verification.
WHAT YOU SHOULD KNOW
CBN has confirmed Zuldal Microfinance Bank Limited is operating illegally, has no licence, and the public should avoid any financial dealings with the entity to prevent potential loss or fraud.
