The Central Bank of Nigeria has raised the alarm over the activities of a firm operating as Zuldal Microfinance Bank Limited, declaring that it is neither licensed nor authorised to carry out any banking business in the country.
The apex bank said the entity had been opening branches in Lagos, Abuja, Kaduna and Kano while misleading the public with claims of possessing a CBN-issued licence.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi Ali (Mrs.), the CBN stressed that Zuldal Microfinance Bank Limited is not recognised as a microfinance institution and lacks approval to operate within the Nigerian financial system.
The regulator cited Section 2(1) of the Banks and Other Financial Institutions Act, 2020, which states 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.”
It urged Nigerians to disregard the organisation’s claims and refrain from conducting any financial transactions with it, warning that “anyone who does so does so at their own risk.”
The bank reaffirmed its commitment to safeguarding the financial sector and protecting citizens from fraudulent and unlicensed operators.
It also reminded the public that the complete list of licensed financial institutions can be accessed on the CBN website.