The Central Bank of Nigeria (CBN) has raised an alarm over the operations of an entity posing as a licensed microfinance bank, warning Nigerians to avoid any financial dealings with the organisation known as Zuldal Microfinance Bank Limited.
In a statement released on Thursday via its official 𝕏 account, the apex bank clarified that Zuldal Microfinance Bank is not registered, licensed, or authorised to operate as a microfinance institution anywhere in the country. The notice was titled: “Zuldal Microfinance Bank is not licensed by the CBN.”
According to the CBN, recent reports indicated that the company had established supposed branches in Lagos, Abuja, Kaduna, and Kano, allegedly assuring customers that it held valid approval from the nation’s financial regulator.
“The attention of the Central Bank of Nigeria has been drawn to the activities of an entity operating under the name Zuldal Microfinance Bank Limited… claiming to be licensed by the CBN to provide microfinance services,” the statement said.
The bank stressed that the organisation has no legal standing to engage in any form of banking or microfinance operations in Nigeria, noting that its activities directly breach the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Reiterating its commitment to protecting the financial sector from fraudulent and unregulated operators, the CBN urged Nigerians to exercise caution and verify the legitimacy of any financial institution before conducting transactions.
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The apex bank also reminded the public that a complete and up-to-date list of all authorised financial institutions—commercial banks, microfinance banks, fintechs, and others—is available on its official website.
The warning comes amid a surge in unregistered financial schemes across the country, many of which target unsuspecting Nigerians with false claims of regulatory approval.
