The Central Bank of Nigeria (CBN) has issued a warning regarding Zuldal Microfinance Bank Limited, declaring it an illegal entity operating without a license.
The regulator has advised all Nigerians to steer clear of the firm, which has reportedly been conducting business in major cities including Lagos, Abuja, Kaduna, and Kano.
The apex bank, in a release on Wednesday made it clear that Zuldal has no regulatory approval to conduct banking business in the country. Despite marketing itself to the public, with reports even surfacing of a grand opening held at the National Women Centre in Abuja just last September, the firm is not recognized by the law.
A quick check online reveals that the bank’s digital footprint is already going dark. Its website is currently inactive and password-protected, raising questions about its legitimacy.
The CBN emphasized that operating without a license is a direct violation of the law. specifically citing Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which mandates that no person or company can carry out banking business in Nigeria without a valid license issued by the CBN.
The regulator warned the public that anyone doing business with the entity does so at their own peril;
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 CBN remains committed to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions
For now, Zuldal Microfinance Bank remains blacklisted, and citizens are urged to disregard any claims it makes about being a licensed operator.
