The Central Bank of Nigeria (CBN) has issued a formal and urgent disclaimer, strongly warning the public that Zuldal Microfinance Bank Limited is operating illegally and without any form of regulatory approval. The apex bank stressed that the entity is unlicensed and urged Nigerians to immediately cease all dealings with the firm.
In a statement released on Thursday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN confirmed that its attention was drawn to reports of the firm claiming to be a CBN-licensed microfinance bank with operational branches in major cities including Lagos, Abuja, Kaduna, and Kano.
Violating BOFIA and Endangering Depositors
The CBN categorically stressed: “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 claim of being licensed, the bank added, is entirely false and should be completely disregarded by the public.
In issuing the detailed warning, the CBN referenced the Banks and Other Financial Institutions Act (BOFIA) 2020. Section 2(1) of this law explicitly mandates 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 was unequivocal in its advisory, stressing that engaging in transactions with unlicensed financial operators carries significant, unmitigated risks. The statement explicitly 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 reaffirmed its commitment to the integrity of the nation’s financial system, noting that its official website maintains a full, accurate list of all licensed financial institutions for public verification.
What the Public Needs to Know About Zuldal
Online checks confirm that Zuldal Microfinance Bank appears to be a relatively new venture that has aggressively marketed itself as a microfinance bank in Nigeria. Social media posts indicate a “grand opening” was held at the National Women Centre in Abuja on September 22, 2025.
Promotional flyers, including those in the Hausa language, describe the operation as offering sharia-compliant services and “banking made easy,” with some adverts even misleadingly pitching loans as having “0% interest” to attract customers online. A basic website and loan guarantor forms are also circulating, reinforcing the impression of a functional deposit-taking institution.
Despite these efforts to appear legitimate, Zuldal does not appear on the Nigeria Deposit Insurance Corporation’s (NDIC) list of insured, licensed microfinance banks. The CBN’s formal disclaimer now decisively confirms that Zuldal Microfinance Bank Limited is not authorized to conduct any kind of banking or microfinance business in Nigeria.
