The Central Bank of Nigeria (CBN) has declared Zuldal Microfinance Bank Limited an unauthorised financial institution with no licence or regulatory approval. Zuldal, which is reportedly operating in Lagos, Abuja, Kaduna and Kano, has been declared an illegal operator.
In a disclaimer released by CBN on Wednesday, the financial regulator explained that Zuldal is an unregistered entity and thereby unlicensed to carry out microfinance banking operations 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,” part of the statement reads.
Backing its action, CBN explained that all financial institutions operating in Nigeria are expected to be duly registered and licensed. For instance, 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.”
In addition, the CBN advised Nigerians to be wary of engaging in any financial transactions with Zuldal Microfinance Bank, as such dealings will be at the individual’s risk. It also asked the general public to disregard any claims by the entity of being a licensed financial institution in Nigeria.
“The CBN remains committed to safeguarding the financial system and protecting members of the public from unlicensed and fraudulent institutions”, it added.
Also Read: Over 90% of Nigeria’s ₦4.47trn cash now held outside banks- CBN.
CBN’s discliamier: current status of Zuldal
Online checks reveal that Zuldal Microfinance Bank’s website (zuldalmicrofinancebank.com) is inactive, with the website showing it’s password-protected. “This page is password-protected. Enter the password to continue,” the page reads.
Another random search shows that Zuldal appears to be a new entity that has recently marketed itself as a Microfinance Bank in Nigeria. There are reported social media claims that the company’s “grand opening” was held at the National Women Centre in Abuja on September 22, 2025.
The disclaimer comes amid CBN’s recent move to regulate the financial sector for transparency, accountability and responsible operation.
Part of which is the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria, which aims to reshape activities surrounding the operation of ATMs by Banks with the revised comprehensive guidelines. The document aims at establishing minimum standards for ATM deployment, operation and maintenance to promote customer safety and align with global practices.
Another is the revised guidelines for the Point-of-Sale (PoS) banking agents’ operations. The guidelines promote a sound and efficient payment system nationwide, including the N1.2 million daily transaction cap for PoS operators and registration with just one financial institution.
