CBN Alert: Zuldal Microfinance Bank Operating Illegally
By Nasir Dambatta
The Central Bank of Nigeria (CBN) has issued a stern warning over the operations of an entity calling itself Zuldal Microfinance Bank Limited, reportedly with branches in Lagos, Abuja, Kaduna, and Kano. The apex bank clarified that Zuldal is not licensed and has no authorisation to conduct any banking or microfinance activities in Nigeria.
In a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN emphasized that Zuldal’s operations violate the Banks and Other Financial Institutions Act (BOFIA) 2020. Section 2(1) of BOFIA states that no individual or company may engage in banking business in Nigeria without proper incorporation and a valid CBN-issued banking licence.
“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 said.
The CBN urged Nigerians to disregard any claims of licensing by Zuldal and warned that financial dealings with the entity are entirely at the individual’s risk.
To safeguard the financial system, the apex bank advised the public to verify any institution’s licence status via the official CBN website, which lists all licensed banks and microfinance institutions.
The warning comes amid heightened regulatory vigilance as the CBN moves to crack down on illegal operators preying on unsuspecting Nigerians.
