The Central Bank of Nigeria (CBN) has clarified that it has no affiliation with “Zuldal Microfinance Bank Limited”, stating that the organisation is operating unlawfully without any regulatory approval.
In a notice issued on Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN cited the Banks and Other Financial Institutions Act (BOFIA) 2020. The bank highlighted Section 2(1), which specifies 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 by the CBN.”
The statement noted rising reports indicating that the firm, claiming to have branches in Lagos, Abuja, Kaduna, and Kano, falsely presents itself as a CBN-approved microfinance bank.
The CBN emphasised that “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.”
It further stated that the organisation’s claim of holding a valid licence is untrue and should be ignored by members of the public.
The apex bank urged Nigerians to avoid any dealings with the firm, warning that engaging with unlicensed financial institutions poses serious risks.
The statement added that “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.”