Banking and Finance
We Don’t Know ‘ZULDAL Microfinance Bank’ – CBN Declares
Says financial entity has no operational license
BY COBHAM NSA – The Central Bank of Nigeria (CBN) has denied knowing or even issuing any operational license to Zuldal Microfinance Bank Limited (ZMfBL).
Accordingly, the apex bank has warned members of the public to desist from engaging in any financial transactions with Zuldal MfB, adding that such dealings are undertaken at the individual’s own risk.
The CBN issued the disclaimer in a statement signed by Hakama Sidi Ali (Mrs), Acting Director, Corporate Communications and dated 19th November 2025.
Importantly, the statement stressed CBN’s commitment to safeguarding the financial system and protecting members of the public from “unlicensed and fraudulent institutions”
The statement read in full: “The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of an entity operating under the name Zuldal Microfinance Bank Limited, which reportedly has branches in Lagos, Abuja, Kaduna, and Kano, and claims to be licensed by the CBN to carry out microfinance banking in Nigeria.
“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”.
“The general public is therefore strongly advised to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial transactions with the said entity, as such dealings 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“
