Reported by: Ime Richard Aondofa | Edited by: Henry Owen
The Central Bank of Nigeria (CBN) has issued a warning to the public about a financial institution called "Zuldal Microfinance Bank Limited." The CBN states that this bank is not licensed or authorized to operate in Nigeria.
The bank, which has branches in Lagos, Abuja, Kaduna, and Kano, has been claiming to be licensed by the CBN. However, the central bank has made it clear that "Zuldal Microfinance Bank Limited" is not a licensed microfinance bank and has no permission to carry out banking or microfinance activities in Nigeria.
The CBN explained that, according to Nigerian law, specifically Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, no one is allowed to operate a bank or microfinance bank in Nigeria unless they have been properly licensed by the central bank. Since "Zuldal Microfinance Bank Limited" does not have such a license, any dealings with it are at the risk of the public.
The central bank strongly advises Nigerians to ignore any claims that this bank is licensed or approved by the CBN. Members of the public are warned not to engage in any financial transactions with this entity to avoid being defrauded.
The CBN reassured Nigerians that it is committed to protecting the financial system and members of the public from unlicensed and fraudulent institutions. The list of all licensed financial institutions in Nigeria is available on the official CBN website at www.cbn.gov.ng.
The warning was issued in a statement signed by Hakama Sidi Ali, the Acting Director of Corporate Communications, and dated November 19, 2025.
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