The Central Bank of Nigeria (CBN) has warned Nigerians that Zuldal Microfinance Bank (MFB) Limited is not authorized to operate in the country.
In a statement released on Thursday, 20 November 2025, the regulator said the bank, which reportedly has branches in Lagos, Abuja, Kaduna, and Kano, does not hold a valid licence from the CBN to conduct banking or microfinance activities.
“The Central Bank of Nigeria has been made aware of an entity operating under the name Zuldal Microfinance Bank Limited.
This entity is not licensed to operate as a Microfinance Bank and has no approval from the CBN to carry out any banking or microfinance business in Nigeria,” the statement read.
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The CBN referenced Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which states that no company can engage in banking activities in Nigeria without being duly incorporated and holding a valid CBN licence.
The central bank strongly urged Nigerians to ignore any claims by Zuldal MFB regarding regulatory approval, warning that conducting transactions with the institution would be at the individual’s own risk.