Central Bank of Nigeria has issued a disclaimer on Thursday warning Nigerians about an entity known as Zuldal Microfinance Bank Limited. According to the CBN, the organisation has been operating with claims of having branches in Lagos, Abuja, Kaduna, and Kano, and presenting itself as a licensed microfinance bank in the country. In its statement, the CBN made it clear that Zuldal Microfinance Bank Limited is not licensed and has no authorisation to conduct any form of banking or microfinance activities in Nigeria. This update adds to ongoing financial safety concerns, which many young people search for through banking security news and financial regulation keywords.
The CBN referenced Section 2(1) of the Banks and Other Financial Institutions Act 2020, stating that “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 reminder is meant to guide the public as digital finance and online banking continue to grow.
The regulator advised Nigerians to disregard any claim by Zuldal Microfinance Bank Limited about being licensed. It warned that anyone engaging in financial transactions with the entity does so at their own risk. This message aligns with rising concerns about loan app fraud, fake lenders, and microfinance scams affecting young users who rely heavily on online financial services.
The CBN added that it remains committed to protecting the financial system and the public from unlicensed and fraudulent institutions. It also encouraged Nigerians to visit the official CBN website to confirm the list of licensed financial institutions in the country.
The statement was signed by Hakama Sidi Ali (Mrs.), Ag. Director, Corporate Communications.
