The Central Bank of Nigeria (CBN) has issued a formal disclaimer disowning Zuldal Microfinance Bank Limited, warning that the entity is operating illegally and without any form of regulatory approval.
In a statement on Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said its attention had been drawn to reports that the firm, which claims to operate branches in Lagos, Abuja, Kaduna and Kano, presents itself as a CBN-licensed microfinance bank.
The CBN stressed that “The 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.”
The bank added that the institution’s claim of being licensed is false and should be disregarded by the public.
In the detailed warning, the CBN referenced the Banks and Other Financial Institutions Act (BOFIA) 2020, noting that Section 2(1) of the law explicitly states that “no 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.”
The apex bank urged Nigerians to avoid dealing with the firm, stressing that engaging in transactions with unlicensed financial operators carries significant risks.
According to the statement, “the 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’s own risk.”
The CBN said it remains committed to protecting the financial system from unregulated and fraudulent institutions, noting that a full list of licensed financial institutions is available on its website.
Online checks by Naijaonpoint show that Zuldal Microfinance Bank appears to be a relatively new outfit that has recently marketed itself as a microfinance bank in Nigeria, with social-media posts showing a “grand opening” at the National Women Centre in Abuja on September 22, 2025. Online flyers and Hausa-language promotions describe it as offering sharia-compliant services and “banking made easy”, including loans that some adverts misleadingly pitch as having “0% interest” to attract customers online.
There is also a basic website and loan guarantor forms circulating online, which reinforce the impression of a functioning deposit-taking institution.
However, Zuldal does not appear on the NDIC’s list of insured, licensed microfinance banks, and the CBN has now issued a formal disclaimer stating that Zuldal Microfinance Bank Limited “is not a licensed Microfinance Bank” and has no authorisation to conduct any kind of banking or microfinance business in Nigeria.