Godsent Ogbebor – Abuja Correspondent
CBN Warns Public: Zuldal Microfinance Bank Not Licensed
The Central Bank of Nigeria (CBN) has warned Nigerians to avoid financial dealings with Zuldal Microfinance Bank Limited, saying the institution is operating without regulatory approval.
In a statement issued on Thursday through its official X handle, the apex bank said the entity, which reportedly operates branches in Lagos, Abuja, Kaduna, and Kano, is not licensed to conduct any form of banking or microfinance business in the country.
“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.
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CBN also cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which prohibits any entity from engaging in banking business without a valid license issued by the bank.
The regulator urged the public to disregard claims of approval made by the organisation and refrain from financial transactions with it, warning that anyone who engages with the bank does so at their own risk.
CBN added that it remains committed to protecting the financial system from unlicensed and fraudulent institutions, noting that a full list of licensed financial institutions can be found on its website.
