The Central Bank of Nigeria (CBN) has officially disowned Zuldal Microfinance Bank Limited, cautioning the public that the entity is operating illegally without any regulatory approval. Naija247news gathered that the apex bank took the step after reports emerged that Zuldal MFB claimed to be licensed and operating branches in Lagos, Abuja, Kaduna, and Kano.
According to Naija247news, the Acting Director of Corporate Communications at CBN, Hakama Sidi Ali, stated on Thursday that the microfinance outfit is not authorised by the apex bank to conduct any form of banking business in Nigeria. “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 statement read.
Naija247news understands that the CBN described the firm’s claims of being licensed as false and strongly advised the public to disregard them. The apex bank emphasized that transactions with unlicensed financial operators carry serious financial risks.
In its warning, CBN referenced the Banks and Other Financial Institutions Act (BOFIA) 2020. According to Naija247news, the law clearly states under Section 2(1) that no person or entity shall carry on any banking business in Nigeria unless incorporated as a company and holding a valid banking licence issued by the CBN.
Naija247news reports that the central bank urged Nigerians to exercise caution and avoid engagement with Zuldal Microfinance Bank Limited. “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 statement warned.
Online investigations by Nairametrics reveal that Zuldal Microfinance Bank is a relatively new player that has recently marketed itself as a microfinance bank in Nigeria. Naija247news gathered that the bank held a “grand opening” at the National Women Centre in Abuja on September 22, 2025, promoting itself through social media campaigns and flyers in Hausa, claiming to offer Sharia-compliant banking services.
According to Naija247news, the institution advertised “banking made easy” and financial products including loans misleadingly pitched as having “0% interest” to attract customers. A basic website and online loan guarantor forms circulated on social media have also contributed to the perception that Zuldal operates as a legitimate deposit-taking institution.
Naija247news understands that despite these efforts, Zuldal Microfinance Bank does not appear on the Nigerian Deposit Insurance Corporation (NDIC) list of insured and licensed microfinance banks. The CBN has therefore issued a formal disclaimer warning the public that Zuldal is unlicensed and has no authorisation to conduct any banking or microfinance activity in Nigeria.
Naija247news reports that the apex bank reiterated its commitment to safeguarding the financial system against unregulated and fraudulent institutions. The CBN advised Nigerians to consult its official website for a full list of licensed financial institutions to ensure any engagement is with a legitimate operator.
The CBN’s disclaimer serves as a critical reminder of the rising cases of financial scams and the need for vigilance. Naija247news gathered that customers are being urged to verify the credentials of any financial service provider before depositing funds or taking loans to avoid falling victim to fraudulent schemes.
With unlicensed operators increasingly exploiting digital platforms to project legitimacy, the CBN’s warning highlights the importance of regulatory compliance in protecting public trust and financial stability across Nigeria.
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Reporting by Agnes Ekebuike Editor, Naija247news in Lagos, Nigeria.
