Zuldal Bank sparked concern on Thursday when it pushed into public attention.
The Central Bank of Nigeria (CBN) quickly challenged its actions and exposed the company’s claims.
Zuldal Bank Exposed
The regulator declared that Zuldal lacks any licence to run banking business in Nigeria.
Meanwhile, rumours about Zuldal spread across several cities.
The company claimed it operated branches in Lagos, Abuja, Kaduna and Kano.
Its staff told customers that the CBN granted full approval.
However, the regulator firmly rejected every claim.
Rising Risks In Finance
Next, the CBN stated that Zuldal holds no authority to offer microfinance services.
It confirmed that the company never secured permission for any financial activity.
The bank urged Nigerians to remain alert and avoid risky dealings.
At the same time, financial scams continue rising across the country.
Many unregulated lenders target people with limited financial knowledge.
Their quick promises often hide serious financial dangers.
Furthermore, the CBN highlighted Section 2(1) of BOFIA 2020.
The law requires companies to incorporate properly and secure valid CBN licences.
Any organisation ignoring this rule breaks Nigerian banking law.
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Analysts now argue that the CBN aims to reduce public exposure to harmful lenders.
They say the bank continues strengthening oversight to protect vulnerable consumers.
Informal operators often exploit those who need support most.
Guidance And Protection
Therefore, the CBN urged Nigerians to avoid Zuldal entirely.
It warned that anyone dealing with the company accepts full personal risk.
The regulator also promised stronger action against illegal financial platforms.
In addition, the bank encouraged people to check its verified list of licensed institutions.
The list appears clearly on the official CBN website.
This simple step helps Nigerians prevent avoidable financial losses.
Finally, acting communications director, Hakama Sidi Ali, delivered the statement.
She reaffirmed the CBN’s commitment to guarding the financial system.
The regulator aims to maintain trust and stability within Nigeria’s banking sector.
