The Central Bank of Nigeria (CBN) has disclaimed any affiliation with an entity operating as Zuldal Microfinance Bank Limited, which reportedly maintains branches in Lagos, Abuja, Kaduna, and Kano.

In a statement issued by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank clarified that Zuldal Microfinance Bank Limited is not licensed to operate as a microfinance bank in Nigeria and has no authorisation to conduct any form of banking or financial services in the country.

The CBN cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which states that no individual or organisation may engage in banking business in Nigeria without being duly incorporated and holding a valid licence issued by the CBN.

The regulator advised members of the public to disregard any claims of approval or licensing by the said entity and avoid financial dealings with it, warning that anyone who chooses to transact with Zuldal Microfinance Bank Limited does so at their own risk.

The CBN reaffirmed its commitment to safeguarding the financial system and protecting Nigerians from fraudulent and unlicensed institutions.

It also noted that the list of all duly licensed financial institutions in Nigeria can be accessed on its official website.