The Central Bank of Nigeria (CBN) has formally distanced itself from Zuldal Microfinance Bank Limited, issuing a public warning that the organisation operates unlawfully and without any regulatory approval.
In a detailed advisory released on Thursday, the Acting Director of Corporate Communications, Hakama Sidi Ali, cited the Banks and Other Financial Institutions Act (BOFIA) 2020. She referenced Section 2(1), which clearly stipulates that banking operations in Nigeria can only be carried out by a duly incorporated company holding a valid CBN licence.
The apex bank said it became aware of reports indicating that the company—claiming branches in Lagos, Abuja, Kaduna, and Kano—presents itself as an accredited CBN-regulated microfinance bank.
The CBN clarified that “Zuldal Microfinance Bank Limited is not a licensed Microfinance Bank and has not received any form of approval or authorisation from the Central Bank of Nigeria to conduct banking or microfinance activities.”
According to the statement, the bank’s claims of being licensed are entirely false, and such assertions should be ignored by the public. Nigerians were urged to avoid conducting any form of business with the organisation, with the CBN stressing that transactions with unregulated financial operators expose individuals to substantial risks.
The apex bank concluded by urging citizens to “disregard any licensing claims made by Zuldal Microfinance Bank Limited and refrain from entering financial dealings with the entity, as such engagements are carried out at one’s personal risk.”
 has formally distanced itself from Zuldal Microfinance Bank Limited, issuing a public warning that the organisation operates unlawfully and without any regulatory approval.){kind=link}