The Central Bank of Nigeria (CBN) has issued a formal disclaimer warning Nigerians against dealing with an entity operating under the name Zuldal Microfinance Bank Limited.
In a statement dated November 19, 2025 and signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said its attention had been drawn to the activities of the company, which reportedly operates branches in Lagos, Abuja, Kaduna and Kano while claiming to be licensed by the CBN to carry out microfinance banking.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of an entity operating under the name Zuldal Microfinance Bank Limited, which reportedly has branches in Lagos, Abuja, Kaduna, and Kano, and claims to be licensed by the CBN to carry out microfinance banking 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.
“For the avoidance of doubt, Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 stipulates 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 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 read.
The regulator categorically declared that Zuldal Microfinance Bank Limited is not a licensed microfinance bank and has no authorisation from the CBN to conduct any form of banking or microfinance business in Nigeria.
The CBN further stressed its commitment to safeguarding the financial system and protecting Nigerians from unlicensed and fraudulent institutions, adding that the full list of licensed financial institutions in the country can be verified on its official website, www.cbn.gov.ng.