CBN Warns Public Against Unlicensed Zuldal Microfinance Bank

The Central Bank of Nigeria (CBN) has issued a significant public warning, formally disclaiming any association with Zuldal Microfinance Bank Limited. The apex bank clarified that the institution, which has been reportedly operating with branches across major Nigerian cities including Lagos, Abuja, Kaduna, and Kano, is not licensed to carry out any form of banking or microfinance business within the country.

The critical warning, released in a statement on Wednesday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali (Mrs), was made available to the press to prevent potential financial losses to the public. The CBN noted that Zuldal Microfinance Bank Limited has been making claims that it is duly licensed by the Central Bank to conduct microfinance banking in Nigeria—claims which the CBN now definitively states are false.

For the avoidance of any doubt, the Central Bank underscored the legal requirement for all banking operations in the country. Citing Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the apex bank reminded the public 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 statement issued a strong public advisory: the general public is strongly advised to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited. Furthermore, citizens are urged to refrain from engaging in any financial transactions with the entity, as any such dealings are undertaken entirely at the individual’s own risk.

The CBN reiterated its fundamental commitment to safeguarding the nation’s financial system and protecting members of the public from engaging with unlicensed and fraudulent institutions. To empower consumers and ensure transparency, the apex bank noted that a comprehensive list of all officially licensed financial institutions operating in Nigeria is readily available on its official website, emphasizing that citizens should verify any financial entity before engaging its services.