CBN Exposes Microfinance Bank Without License, Warns Nigerians Against Illegal Operations

CBN Exposes Microfinance Bank Without License, Warns Nigerians Against Illegal Operations

The Central Bank of Nigeria (CBN) has issued a strong public warning, declaring that Zuldal Microfinance Bank Limited is not licensed and is operating illegally in the country. This announcement comes after the bank was found falsely claiming to hold CBN approval while reportedly running branches in Lagos, Abuja, Kaduna, and Kano.

In an official statement released on Thursday, Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, clarified that the apex bank has never issued any license or authorization permitting Zuldal MFB to conduct banking or microfinance activities in Nigeria.

According to the CBN,

“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 apex bank emphasized that the public should completely disregard the institution’s claims, calling them false, misleading, and fraudulent.

CBN Cautions Nigerians: Avoid Transactions With Zuldal MFB

Invoking the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN reminded citizens that no entity is permitted to operate as a bank without proper licensing.

Section 2(1) of BOFIA states:

“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 CBN warned that anyone transacting with Zuldal Microfinance Bank does so at their own personal risk, as the institution operates outside legal financial regulations.
The regulator also reiterated its commitment to safeguarding Nigeria’s financial sector from unauthorized and fraudulent operators.

A full list of legally licensed financial institutions is available on the CBN’s website.

Background: Zuldal MFB’s Questionable Presence Online

A Nairametrics online review reveals that Zuldal Microfinance Bank recently emerged with aggressive promotions across social media, including:

• A supposed “grand opening” at the National Women Centre, Abuja, on September 22, 2025.
• Hausa-language adverts claiming to offer sharia-compliant banking.
• Misleading loan promotions, including supposed 0% interest financing.
• A basic website and digital loan guarantor forms circulating online.

Despite these marketing efforts, the bank does not appear on the NDIC’s list of insured and licensed microfinance banks in Nigeria.

The CBN’s new disclaimer now officially confirms that Zuldal Microfinance Bank is unauthorized, has no regulatory approval, and must not be engaged for any financial activities.

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