Zuldal Microfinance Bank Has No Licence to Operate – CBN

The Central Bank of Nigeria (CBN) has issued a public alert cautioning Nigerians against transacting with an organisation operating under the name Zuldal Microfinance Bank Limited.

According to the apex bank, the entity is falsely presenting itself as a licensed microfinance institution, despite having no authorisation to operate within Nigeria’s financial system.

In a statement released in Abuja, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the CBN recently became aware that the organisation—reported to have branches in Lagos, Abuja, Kaduna and Kano—had been claiming to possess a CBN-issued licence for microfinance operations.

She described the claim as entirely baseless, stating that “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.”

READ ALSO: FCCPC Endorses CBN’s 48-Hour Refund Policy for Failed ATM Transactions

Mrs. Sidi Ali also cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which provides that no entity may conduct banking business in Nigeria without being duly incorporated and holding a valid CBN-issued licence.

The CBN advised the public to ignore any assertions of regulatory approval made by the organisation and warned Nigerians to avoid entering into financial dealings with Zuldal Microfinance Bank Limited.

It said: “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 apex bank reaffirmed its commitment to safeguarding the financial system and protecting Nigerians from the actions of unregulated or fraudulent operators.

It also noted that the complete list of duly licensed financial institutions is available for verification on the CBN’s official website.