Zuldal Microfinance Bank Not Licensed For Operation, CBN Warns Public

By Oluwakemi Kindness

The Central Bank of Nigeria (CBN) has disowned an organisation operating as Zuldal Microfinance Bank Limited, warning that the entity is not licensed to conduct any form of banking or microfinance business in Nigeria.

In a statement issued on Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said it became aware of reports that the company, which allegedly operates in Lagos, Abuja, Kaduna and Kano, claims to have been authorised by the CBN.

The Bank clarified that Zuldal Microfinance Bank Limited is not a CBN-licensed microfinance bank and holds no approval to offer microfinance or any banking services in the country.

Citing Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN reminded the public that no individual or organisation is permitted to carry out banking activities without a valid licence issued by the apex bank.

The public was strongly advised to disregard any claims of CBN approval by the said entity and to avoid engaging in financial transactions with it, as such dealings are undertaken at the individual’s risk.

The CBN reaffirmed its commitment to protecting the financial system from unlicensed and fraudulent operators, adding that a list of all authorised financial institutions in Nigeria is available on the Bank’s website.