The Central Bank of Nigeria (CBN) has declared Zuldal Microfinance Bank Limited (Zuldal MFB) illegal, cautioning the public against engaging in any financial transactions with the entity.

In a statement, the CBN clarified that Zuldal MFB is not licensed to operate as a microfinance bank in Nigeria. The bank, which claims to have branches in Lagos, Abuja, Kaduna, and Kano, has been presenting itself as a legitimate financial institution, a claim the CBN says is false.

The regulator stressed that under the Banks and Other Financial Institutions Act (BOFIA) 2020, no organization may carry out banking business in Nigeria without proper incorporation and a valid license from the CBN.

The central bank urged Nigerians to disregard any claims of authorization by Zuldal MFB and to avoid transacting with the institution, noting that such dealings would be undertaken at the individual’s own risk.

This advisory comes amid growing concerns about unlicensed financial entities posing as legitimate banks, putting unsuspecting Nigerians at risk of financial loss. The CBN reiterated the importance of verifying licensed institutions through its official website before engaging in any financial transactions. Visit www.jocomms.com for more news.