Zuldal Microfinance Bank unlicensed, CBN Warns

The Central Bank of Nigeria (CBN) has warned against doing business with an entity known as Zuldal Microfinance Bank Limited.

The apex bank declared the organisation is not licensed to operate as a microfinance bank in the country.

In a statement in Abuja, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the apex bank became aware of reports that the entity, which allegedly operates branches in Lagos, Abuja, Kaduna and Kano, had been claiming to hold a CBN-issued licence to engage in microfinance banking.

She said the claim was false, stressing 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.”

Mrs. Sidi Ali referred to the provisions of Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which clearly 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.”

The CBN urged members of the public to disregard any claims of approval or licensing attributed to Zuldal Microfinance Bank Limited and cautioned Nigerians against engaging in financial transactions with the firm.

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 stated that it remains committed to protecting the integrity of the financial system and safeguarding Nigerians from the activities of unregulated and fraudulent operators.

It added that a full list of all licensed financial institutions in the country can be verified on the CBN’s official website.