November 20, (THEWILL) — The Central Bank of Nigeria (CBN) has alerted the public to the illegal operations of Zuldal Microfinance Bank Limited, which is reported to be running branches in Lagos, Abuja, Kaduna and Kano under the false claim that it holds a valid microfinance banking licence from the apex bank.
In a statement signed by Hakama Sidi Ali (Mrs), Acting Director of Corporate Communications, the apex bank, clarified that Zuldal Microfinance Bank Limited is neither licenced nor authorised to conduct microfinance or any form of banking business in Nigeria.
According to the CBN, the institution has been falsely claiming to hold a microfinance banking licence issued by the regulator—an assertion the bank firmly dismissed as misleading and potentially fraudulent.
Citing the Banks and Other Financial Institutions Act (BOFIA) 2020, the statement reiterated that Section 2(1) expressly prohibits any individual or entity from engaging in banking activities without proper incorporation and a valid licence issued by the CBN.
“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 stressed.
The apex bank urged Nigerians to disregard all claims of approval or licencing by the company and warned that any transactions conducted with the entity are done “at the individual’s own risk.”
The CBN also reaffirmed its commitment to safeguarding the integrity of the financial system and protecting the public from fraudulent or unregulated financial institutions. It urged members of the public seeking to verify the authenticity of any financial institution to consult the updated list of licenced operators available on the CBN’s official website.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
