The Central Bank of Nigeria has disowned Zuldal MFB, or Zuldal Microfinance Bank Limited, and warned Nigerians to avoid all financial dealings with the firm after determining that it is operating without regulatory approval.
Zuldal MFB has been falsely representing itself as a licensed institution.
The apex bank issued the caution in a statement on Thursday, saying its attention had been drawn to reports that the entity claims to operate branches across Lagos, Abuja, Kaduna, and Kano under the guise of a CBN-licensed microfinance bank.
Zuldal MFB’s claims have misled the public into thinking it is a legitimate and licensed bank.
According to the Acting Director of Corporate Communications, Hakama Sidi Ali, Zuldal has no authorization to conduct banking or microfinance activities in Nigeria.
“The said Zuldal Microfinance Bank Limited is not a licensed Microfinance Bank and has no authorization from the Central Bank of Nigeria to operate or carry out any form of banking or microfinance business in Nigeria,” she said.
The bank said Zuldal’s public representations of being licensed are false and must be disregarded. It noted that members of the public risk financial loss when engaging with institutions not recognized under Nigerian banking laws, like Zuldal MFB.
Referencing the Banks and Other Financial Institutions Act 2020, the CBN explained that Section 2(1) explicitly prohibits any individual or company from conducting banking business without incorporation in Nigeria and a valid license issued by the central bank. The regulator said the provision reinforces its warning that Zuldal MFB’s activities fall outside legal boundaries.
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In its advisory, the CBN urged Nigerians to refrain from any transactions with the entity. “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 statement said.
Online checks show that Zuldal has recently promoted itself as a functioning microfinance bank, with social-media posts displaying a “grand opening” held at the National Women Centre in Abuja on 22 September 2025. Hausa-language promotional materials describe the Zuldal institution MFB as offering sharia-compliant banking and loans, advertised in some cases as carrying “0% interest”.
Online reviews show a basic website, promotional flyer,s and loan-guarantor forms circulating on social media, all of which present Zuldal as a regulated deposit-taking institution despite the absence of any official licensing records.
The Zuldal entity MFB does not appear on the Nigeria Deposit Insurance Corporation’s list of licensed microfinance banks, and the CBN’s latest disclaimer confirms its unlicensed status.
The regulator said it will continue monitoring unapproved institutions and will intensify public guidance to safeguard depositors, noting that the full list of licensed financial entities remains available on its official website.
