The Central Bank of Nigeria (CBN) has dissociated itself from Zuldal Microfinance Bank Limited, warning that the firm is operating illegally and without regulatory approval.
In a statement issued on Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank cited the Banks and Other Financial Institutions Act (BOFIA) 2020, noting that Section 2(1) of the law strictly prohibits anyone from conducting banking operations in Nigeria without a valid licence issued by the CBN.
The bank said its attention was drawn to reports that the company, which claims to operate in Lagos, Abuja, Kaduna and Kano, had been presenting itself as a duly licensed microfinance bank.
However, the CBN clarified that Zuldal Microfinance Bank Limited does not hold any authorisation and is not recognised as a licensed financial institution in Nigeria.
According to the statement, the firm’s claims of being certified by the CBN are false and misleading, and the public should disregard them entirely.
The apex bank further urged Nigerians to avoid dealing with the institution, stressing that transactions with unlicensed operators pose significant financial risks to individuals.
“The general public is therefore strongly advised to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial transactions with the said entity, as such dealings are undertaken at the individual’s own risk,” the statement added.
