Central Bank of Nigeria (CBN) has distanced itself from an organisation operating as Zuldal Microfinance Bank Limited, cautioning Nigerians that the entity is not licensed to conduct any form of banking or microfinance services in the country.
In a statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said its attention was drawn to the activities of the company, which reportedly runs offices in Lagos, Abuja, Kaduna, and Kano while claiming to be duly authorised by the CBN.
According to the CBN, “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 apex bank stressed that Nigeria’s financial laws are clear on who is permitted to offer banking services. It referenced Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which states 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.”
The public has therefore been urged to ignore any claims of approval or endorsement being circulated by Zuldal Microfinance Bank. Engaging in financial transactions with the firm, the CBN warned, would be “at the individual’s own risk.”
Reaffirming its commitment to protecting Nigerians from fraudulent and unregulated financial operators, the CBN encouraged citizens to always verify the status of any financial institution before transacting.
A full and updated list of licensed banks and financial institutions in the country is available on the CBN website: www.cbn.gov.ng
