The Central Bank of Nigeria (CBN) has warned the public against doing business with Zuldal Microfinance Bank Limited, stating the entity is not licensed to operate as a microfinance bank in Nigeria.

According to CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, Zuldal has falsely claimed to hold a CBN-issued licence while operating branches in Lagos, Abuja, Kaduna, and Kano.

The CBN cited Section 2(1) of BOFIA 2020, which mandates that only companies with a valid banking licence may operate in Nigeria.

The public is urged to ignore claims of approval from Zuldal Microfinance Bank and avoid transactions with the firm. A verified list of licensed banks is available on the CBN website.