The Central Bank of Nigeria (CBN) has issued a proper disclaimer disowning Zuldal Microfinance Bank Restricted, warning that the entity is working illegally and with none type of regulatory approval.
In an announcement on Thursday by the Appearing Director of Company Communications, Hakama Sidi Ali, the apex bank stated its consideration had been drawn to reviews that the agency, which claims to function branches in Lagos, Abuja, Kaduna and Kano, presents itself as a CBN-licensed microfinance bank.
The CBN burdened that “The stated Zuldal Microfinance Bank Restricted isn’t a licensed Microfinance Bank and has no authorisation from the Central Bank of Nigeria to function or perform any type of banking or microfinance enterprise in Nigeria.”
The bank added that the establishment’s declare of being licensed is fake and ought to be disregarded by the general public.
CBN warns the general public in opposition to transactions with Zuldal MFB
Within the detailed warning, the CBN referenced the Banks and Different Monetary Establishments Act (BOFIA) 2020, noting that Part 2(1) of the legislation explicitly states that “no particular person shall keep on any banking enterprise in Nigeria besides it’s a firm duly included in Nigeria and holds a sound banking licence issued by the CBN.”
The apex bank urged Nigerians to keep away from coping with the agency, stressing that partaking in transactions with unlicensed monetary operators carries vital dangers.
In line with the assertion, “most people is subsequently strongly suggested to ignore any claims of licensing or approval by Zuldal Microfinance Bank Restricted and to chorus from partaking in any monetary transactions with the stated entity, as such dealings are undertaken on the particular person’s personal danger.”
The CBN stated it stays dedicated to defending the monetary system from unregulated and fraudulent establishments, noting {that a} full checklist of licensed monetary establishments is on the market on its web site.
What it is best to know
On-line checks by Nairametrics present that Zuldal Microfinance Bank seems to be a comparatively new outfit that has lately marketed itself as a microfinance bank in Nigeria, with social-media posts displaying a “grand opening” on the Nationwide Ladies Centre in Abuja on September 22, 2025. On-line flyers and Hausa-language promotions describe it as providing sharia-compliant companies and “banking made straightforward”, together with loans that some adverts misleadingly pitch as having “0% curiosity” to draw prospects on-line.
There may be additionally a primary web site and mortgage guarantor types circulating on-line, which reinforce the impression of a functioning deposit-taking establishment.
Nevertheless, Zuldal doesn’t seem on the NDIC’s checklist of insured, licensed microfinance banks, and the CBN has now issued a proper disclaimer stating that Zuldal Microfinance Bank Restricted “isn’t a licensed Microfinance Bank” and has no authorisation to conduct any type of banking or microfinance enterprise in Nigeria.
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