The Central Bank of Nigeria (CBN) has warned Nigerians against transacting with Zuldal Microfinance Bank Limited, describing the institution as unlicensed and unauthorised to operate in the country.
The regulator said in a Thursday statement that Zuldal “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 CBN noted that Zuldal reportedly operates branches in Lagos, Abuja, Kaduna, and Kano and “falsely claims to be licensed by the CBN,” urging the public to disregard such claims and warning that dealings with the bank are “undertaken at the individual’s own risk.”
Citing Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN stressed that no one may carry on banking business in Nigeria without being duly incorporated and holding a valid CBN licence.
Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, reaffirmed the regulator’s commitment to safeguarding the financial system and protecting the public from unlicensed and fraudulent institutions.