The Central Bank of Nigeria (CBN) has officially declared Zuldal Microfinance Bank Limited an illegal entity, stating that it has never been granted a licence to operate as a financial institution in the country.
In a public notice released on Thursday, the apex bank warned Nigerians against any form of financial dealings with the organisation, emphasising that it operates entirely outside the regulatory framework.
“The Central Bank of Nigeria wishes to inform the general public that Zuldal Microfinance Bank Limited is not licensed to carry out banking or microfinance activities in Nigeria,” the statement read. It stressed that claims by the entity of holding a valid CBN licence are completely false.
The warning comes after reports emerged that the institution had been presenting itself as a legitimate microfinance bank with branches in Lagos, Abuja, Kaduna, and Kano. Recent promotional materials, including social media campaigns and a widely publicised opening ceremony at the National Women Centre in Abuja on September 22, 2025, had portrayed Zuldal as offering Sharia-compliant products and “zero-interest” loans.
Citing Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN reminded the public that no individual or company may conduct banking business in Nigeria without being duly incorporated and holding a valid licence issued by the regulator.
“Members of the public are strongly advised to desist from transacting any business with Zuldal Microfinance Bank Limited. Any financial engagement with unlicensed entities is done entirely at the individual’s own risk,” the statement added.
The apex bank further reassured Nigerians of its commitment to safeguarding the financial system against unauthorised operators and directed the public to its official website for the updated list of all licensed banks and microfinance institutions.
Zuldal Microfinance Bank does not appear on the Nigeria Deposit Insurance Corporation’s (NDIC) register of insured deposit-taking institutions, confirming the CBN’s position.
Authorities have urged anyone who may have already deposited funds or entered into financial agreements with the entity to contact relevant law-enforcement agencies and seek legal advice immediately.
