The Central Bank of Nigeria (CBN) has issued a formal disclaimer against Zuldal Microfinance Bank Limited, declaring the entity illegal and warning Nigerians to avoid any financial dealings with it. The announcement follows growing reports that the firm has been presenting itself as a CBN-licensed microfinance institution across multiple states.
In a statement released on Thursday, November 20, 2025, the Acting Director of Corporate Communications, Hakama Sidi Ali, said the apex bank was compelled to intervene after discovering claims by Zuldal MFB that it operates authorised branches in Lagos, Abuja, Kaduna and Kano. She stressed that the firm’s licensing claims are false and misleading.
According to the CBN, Zuldal MFB “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 regulator emphasised that the public must disregard the institution’s assertions and refrain from treating it as a legitimate financial operator.
The apex bank also cited the Banks and Other Financial Institutions Act (BOFIA) 2020, noting that Section 2(1) explicitly prohibits any organisation from conducting banking business in Nigeria without proper incorporation and a valid CBN-issued licence. It warned that transactions with unlicensed financial entities expose individuals to significant financial risk.
In its advisory, the CBN urged Nigerians to avoid any engagements with Zuldal MFB, stating that any person who chooses to transact with the entity does so “at their own risk.” The bank reaffirmed its commitment to protecting the financial system from unregulated and potentially fraudulent institutions.
Further checks referenced by Nairametrics indicate that Zuldal MFB has recently promoted itself as a new microfinance outfit in Nigeria. Online materials show a purported “grand opening” held at the National Women Centre in Abuja on September 22, 2025, accompanied by Hausa-language adverts offering sharia-compliant services and loans marketed as “0% interest,” a claim considered misleading by regulators.
Zuldal MFB also operates a basic website and distributes guarantor forms, giving the appearance of an active deposit-taking institution. However, the firm does not appear on the Nigeria Deposit Insurance Corporation (NDIC) list of insured and licensed microfinance banks.
With the CBN now issuing a formal disclaimer, Nigerians have been reminded to verify the regulatory status of any financial institution before engaging in deposits, loans or investment-related activities. The apex bank added that an updated list of licensed financial institutions remains publicly accessible on its website, reinforcing efforts to shield consumers as regulatory scrutiny tightens.
