{"id":123939,"date":"2025-11-20T10:34:21","date_gmt":"2025-11-20T09:34:21","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=123939"},"modified":"2025-11-20T10:34:21","modified_gmt":"2025-11-20T09:34:21","slug":"zuldal-microfinance-bank-operating-illegally-cbn-warns","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/zuldal-microfinance-bank-operating-illegally-cbn-warns\/","title":{"rendered":"Zuldal Microfinance Bank Operating Illegally, CBN Warns"},"content":{"rendered":"<div>By Daniel Adaji<\/div>\n<div><\/div>\n<div>The Central Bank of Nigeria has warned Nigerians that an organisation operating under the name Zuldal Microfinance Bank Limited is carrying out banking activities without authorisation.<\/div>\n<div><\/div>\n<div>In a statement on Thursday issued by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said its attention had been drawn to the entity, which \u201creportedly has branches in Lagos, Abuja, Kaduna, and Kano, and claims to be licensed by the CBN to carry out microfinance banking in Nigeria.\u201d<\/div>\n<div><\/div>\n<div>The bank made it clear that Zuldal Microfinance Bank has no legal standing to operate in the country.<\/div>\n<div><\/div>\n<div>According to the statement, \u201cThe said Zuldal Microfinance Bank Limited is not a licensed Microfinance Bank and has no authorisation from the Central Bank of Nigeria to operate or carry out any form of banking or microfinance business in Nigeria.\u201d<\/div>\n<div><\/div>\n<div>To reinforce the warning, the CBN cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which states that \u201cno 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\u201d.<\/div>\n<div><\/div>\n<div>The regulator urged Nigerians not to fall for any claims of legitimacy by the organisation. It cautioned that \u201cthe general public is therefore strongly advised to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial transactions with the said entity, as such dealings are undertaken at the individual\u2019s own risk.\u201d<\/div>\n<div><\/div>\n<div>The CBN stressed that it remains focused on safeguarding the country\u2019s financial system and protecting citizens from unlicensed and potentially fraudulent institutions.<\/div>\n<div><\/div>\n<div>It also reminded the public that an updated list of all authorised financial institutions can be found on its official website.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Daniel Adaji The Central Bank of Nigeria has warned Nigerians that an organisation operating under the name Zuldal Microfinance Bank Limited is carrying out banking activities without authorisation. In&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":123940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-123939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Zuldal Microfinance Bank Operating Illegally, CBN Warns - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/zuldal-microfinance-bank-operating-illegally-cbn-warns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zuldal Microfinance Bank Operating Illegally, CBN Warns - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"By Daniel Adaji The Central Bank of Nigeria has warned Nigerians that an organisation operating under the name Zuldal Microfinance Bank Limited is carrying out banking activities without authorisation. 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