The Central Bank of Nigeria (CBN) has disowned Zuldal Microfinance Bank, declaring it unlicensed and operating illegally.

In a statement, CBN confirmed that Zuldal has no regulatory approval to conduct banking activities, violating the Banks and Other Financial Institutions Act (BOFIA) 2020.

Despite claims of operating in multiple cities, Zuldal is not authorized to offer microfinance services. The CBN urged Nigerians to avoid engaging with the institution and warned of the risks involved with unlicensed operators.

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