Zuldal Microfinance Bank is not licensed to operate in Nigeria - CBN

By Seun Ibiyemi

The Central Bank of Nigeria (CBN) has disowned an entity operating under the name Zuldal Microfinance Bank Limited, warning that the organization is neither licensed nor authorized to conduct any form of banking or microfinance business in the country.

In a statement issued by Acting Director of Corporate Communications, the apex bank, Hakama Sidi Ali said its attention was drawn to reports that the entity, which claims to have branches in Lagos, Abuja, Kaduna and Kano, has been presenting itself as a CBN-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 CBN clarified.

Citing Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the regulator emphasised that no organisation is permitted to engage in banking activities in Nigeria unless it is duly incorporated and holds a valid licence issued by the CBN.

The apex bank therefore cautioned the public to disregard any claims made by Zuldal Microfinance Bank Limited and avoid conducting financial transactions with the entity, noting that anyone who does so does so at their own risk.

The CBN reiterated its commitment to protecting Nigeria’s financial system from fraudulent and unlicensed operators, adding that a full list of all licensed financial institutions is available on its official website.