The Central Bank of Nigeria (CBN) has issued a strong warning to Nigerians to steer clear of Zuldal Microfinance Bank Limited, declaring the organisation an unlicensed and illegal operator.
In a statement released on X by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank clarified that Zuldal Microfinance Bank has no regulatory approval to operate in the country, in clear violation of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Quoting Section 2(1) of BOFIA, Sidi Ali emphasised that no individual or entity is permitted to conduct banking business in Nigeria without proper incorporation and a valid licence issued by the CBN.
Reports had surfaced alleging that the company operated branches across Lagos, Abuja, Kaduna, and Kano, presenting itself as a duly licensed microfinance institution.
The CBN firmly refuted these claims.“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 declared.
The CBN urged the public to exercise caution, stressing the dangers associated with patronising unregulated financial operators.
“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 apex bank warned.
The CBN reiterated its commitment to safeguarding Nigeria’s financial system and protecting citizens from fraudulent or unsafe financial schemes.
Reporting by Sherifat Oyediran