The Central Bank of Nigeria (CBN) has disowned Zuldal Microfinance Bank Limited, confirming the company has no licence to operate in the country.
In a statement released on Thursday via X, Hakama Sidi Ali, the Acting Director of Corporate Communications, said the firm lacks approval to conduct any banking or microfinance services. She noted that its activities violate the Banks and Other Financial Institutions Act (BOFIA) 2020.
Citing Section 2(1) of BOFIA, the regulator stressed that only companies with valid CBN licences may operate banking services in Nigeria.
The CBN said it became aware of claims suggesting Zuldal Microfinance Bank runs branches in Lagos, Abuja, Kaduna and Kano, and presents itself as a licensed institution.
According to the statement, Zuldal Microfinance Bank “is not licensed by the CBN and has no authorisation to conduct any form of banking or microfinance business in Nigeria.”
The apex bank urged Nigerians to avoid the firm, warning that dealing with unregulated operators poses serious risks.
It advised the public to disregard any claims of approval by Zuldal Microfinance Bank and avoid financial transactions with the company.
