CBN has disowned Zuldal Microfinance Bank and warns Nigerians against illegal operations.

NaijaOnPoint Nigeria reports that the Central Bank of Nigeria (CBN) has issued a strong public warning disowning Zuldal Microfinance Bank Limited, declaring that the entity is operating illegally and without any form of regulatory approval.

In a statement released on Thursday, Acting Director of Corporate Communications, Hakama Sidi Ali, said the apex bank became aware of widespread claims by the firm which reportedly operates branches in Lagos, Abuja, Kaduna, and Kano presenting itself as a CBN-licensed microfinance bank.

The CBN clarified that: “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 urged the public to dismiss the institution’s claims of being duly licensed, stressing that such assertions are false and misleading.

Citing the Banks and Other Financial Institutions Act (BOFIA) 2020, the apex bank reminded Nigerians that Section 2(1) clearly prohibits any individual or entity from conducting banking services in Nigeria without proper incorporation and a valid licence issued by the CBN.

The statement warned: “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 is committed to protecting Nigeria’s financial system from fraudulent and unregulated operators. It also encouraged citizens to verify licensed institutions using the list published on its official website.

What We Know So Far

Checks by NaijaOnPoint Nigeria reveal that Zuldal Microfinance Bank appears to be a new entrant aggressively marketing itself online as a legitimate microfinance bank.
Some of its promotional materials include:

A “grand opening” event at the National Women Centre in Abuja on September 22, 2025
Hausa-language ads pitching sharia-compliant services
Online flyers offering loans with supposed “0% interest”
Loan guarantor forms and a basic website mimicking a licensed financial institution

However, the institution does not appear on the NDIC’s list of insured microfinance banks and now faces a formal disclaimer from the CBN, which firmly states it has no authorisation to operate any form of banking or microfinance business in Nigeria.

The apex bank urged Nigerians to stay vigilant and avoid falling victim to unlicensed financial operators.