The Central Bank of Nigeria has disowned Zuldal Microfinance Bank Limited, describing it as an unlicensed entity operating illegally in the country.
In a statement shared on X on Thursday, the Acting Director of Corporate Communications, Hakama Sidi Ali, said the bank had no regulatory approval to carry out banking activities, in violation of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Section 2(1) of the law stipulates 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 said.
The CBN said its attention was drawn to reports that Zuldal Microfinance Bank, claiming to operate branches in Lagos, Abuja, Kaduna and Kano, presented itself as a licensed microfinance institution.
“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 read.
The apex bank urged Nigerians to disregard any claims of licensing and avoid engaging in transactions with the firm, warning that dealings with unlicensed operators carry significant risks.
“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 statement added.
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