The Central Bank of Nigeria (CBN) has issued a stern warning to the public over an entity claiming to operate as Zuldal Microfinance Bank Limited. According to the regulator, the company is neither licensed nor authorized to conduct any banking or microfinance activities in Nigeria. The announcement comes after reports that Zuldal had been assuring customers of its certification by the apex bank.
In its official statement, the CBN clarified that it has not granted Zuldal Microfinance Bank any permission to carry out microfinance operations. “The said Zuldal Microfinance Bank Limited is not a licensed Microfinance Bank and has no authorization from the Central Bank of Nigeria to operate or carry out any form of banking or microfinance business in Nigeria,” the statement read.
This warning highlights growing concerns in Nigeria’s financial sector, where unregulated lenders and fraudulent platforms often exploit gaps in public knowledge. Analysts note that the CBN’s move is part of a broader effort to protect consumers from predatory financial schemes that could damage the country’s banking reputation.
The regulator cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, emphasizing that no person is allowed to carry out banking activities in Nigeria without being properly incorporated and holding a valid banking license. Operating without such authorization is a direct violation of Nigerian law.
CBN further urged Nigerians to exercise caution, avoid any dealings with Zuldal Microfinance Bank, and consult its official list of licensed financial institutions before transacting. The bank reaffirmed its commitment to shutting down illegal operators and safeguarding the integrity of the nation’s financial system, ensuring that consumers can trust legitimate institutions.\
source: Business day