The Central Bank of Nigeria (CBN) has warned that Zuldal Microfinance Bank Limited is operating illegally without any regulatory approval. The bank claims to have branches in Lagos, Abuja, Kaduna and Kano and presents itself as a licensed micro‑finance institution, but the CBN has confirmed that this is not the case.
The warning, issued by Acting Director of Corporate Communications Osita Nwanisobi, cites the Banks and Other Financial Institutions Act (BOFIA) 2020, which states that no person may carry on banking business in Nigeria without a valid licence from the CBN. Zuldal Microfinance Bank Limited is not licensed and has no authority to conduct any banking or micro‑finance activities in the country.
The CBN urges Nigerians to avoid dealing with the firm, emphasizing that transactions with unlicensed financial operators carry significant risks. The public is advised to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from any financial dealings with the entity.
This warning underscores the importance of ensuring that financial institutions operate within the legal framework to protect consumers and maintain financial stability. In recent years, the CBN has strengthened regulation of micro‑finance banks to promote inclusion and stability. The alert serves as a reminder for the public to verify the legitimacy of financial institutions before engaging in transactions and to remain vigilant about the risks associated with unlicensed operators.
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