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By Uche Usim
The Central Bank of Nigeria (CBN) has distanced itself from Zuldal Microfinance Bank, saying it was not licensed by it to operate in Nigeria.
The regulator, through its Spokesperson, Hakama Sidi Ali, has thus warned Nigerians regarding its activities, which is reportedly running branches in Lagos, Abuja, Kaduna and Kano.
According to the CBN, Zuldal Microfinance Bank is falsely flaunting itself as a licensed microfinance institution authorised to operate within the country, saying it was misleading.
In a formal statement, the CBN clarified that Zuldal Microfinance Bank Limited is neither recognised nor licensed to conduct microfinance or any form of banking business in Nigeria.
The bank emphasised that the entity does not appear on its register of approved financial institutions, and therefore has no legal mandate to accept deposits, grant loans, or engage in financial services of any kind.
To provide further clarity, the CBN cited the provisions of Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which unequivocally states: “No person shall carry on any banking business in Nigeria except it is a company duly incorporated in Nigeria and holds a valid banking licence issued by the CBN.” This law is designed to protect the financial sector from illicit operators and safeguard Nigerians from fraudulent schemes.
The apex bank urged members of the public to disregard any claims of CBN approval or licensing made by Zuldal Microfinance Bank Limited. It cautioned that patronising unlicensed institutions exposes individuals to significant financial risks, including the potential loss of funds, since such entities operate outside the regulatory oversight required to ensure depositor protection and financial stability.
“The public is strongly advised to refrain from engaging in any financial transactions with the said organisation,” the CBN warned, noting that anyone who chooses to do so does so entirely at their own risk. The institution reiterated its unwavering commitment to protecting Nigerians from scams, illegal financial operations, and entities attempting to exploit public trust.
As part of its continuous regulatory efforts, the CBN encouraged citizens, businesses, and stakeholders to verify the status of any financial institution before entering into transactions. A comprehensive and regularly updated list of all CBN-licensed banks, microfinance banks, finance companies, mobile money operators, and other financial institutions is available on the Bank’s official website: [www.cbn.gov.ng](http://www.cbn.gov.ng)
The CBN reaffirmed its commitment to maintaining the integrity of Nigeria’s financial system and ensuring that only properly licensed and compliant institutions are allowed to operate. It pledged to continue monitoring the financial landscape and taking decisive action against any organisation found engaging in unauthorised financial activities.
