The Central Bank of Nigeria (CBN) has warned the public against conducting business with Zuldal Microfinance Bank Limited, stating that the firm is not licensed to operate any form of banking or microfinance service in the country.

In a statement issued in Abuja, the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, said the apex bank recently became aware that the organisation—reported to have branches in Lagos, Abuja, Kaduna, and Kano—had been falsely claiming to possess a CBN licence.

She dismissed the claim as entirely untrue, stressing that Zuldal Microfinance Bank Limited is neither recognised nor authorised by the CBN.

Sidi Ali cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which stipulates that no individual or entity may carry out banking business in Nigeria without being duly incorporated and holding a valid licence issued by the CBN.

The apex bank urged Nigerians to disregard any assertions of legitimacy made by the organisation and avoid engaging in financial dealings with it.

According to the statement, “Any person who transacts with Zuldal Microfinance Bank Limited does so at their own risk.”

The CBN reiterated its commitment to safeguarding the integrity of Nigeria’s financial system and protecting citizens from unregulated or fraudulent operators. It advised the public to consult the list of licensed financial institutions available on the CBN’s official website.