CBN Warns Public About Unlicensed Zuldal Microfinance Bank
Oru Leonard
The Central Bank of Nigeria (CBN),has issued a warning to the public about Zuldal Microfinance Bank Limited, stating that it is not licensed to operate as a microfinance bank in Nigeria.
According to Hakama Sidi Ali, Ag. Director of Corporate Communications at CBN, “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”, she noted in a statement on Thursday, 20th November, 2025.
The CBN advises the public to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial transactions with the entity. The bank has branches in Lagos, Abuja, Kaduna, and Kano, and the CBN warns that dealings with them are undertaken at the individual’s own risk.
The CBN remains committed to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions. A list of all licensed financial institutions in Nigeria is available on the CBN website: www.cbn.gov.ng
