On November 19, 2025, the Central Bank of Nigeria (CBN) issued a striking warning to the public, cautioning Nigerians to steer clear of an entity operating under the name Zuldal Microfinance Bank Limited. According to the official statement, signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN has been made aware of Zuldal Microfinance Bank Limited's activities in major cities such as Lagos, Abuja, Kaduna, and Kano. The company, it turns out, has been parading itself as a legitimate microfinance bank, supposedly licensed by the apex bank. But the CBN’s message was unequivocal: Zuldal Microfinance Bank Limited is not, and has never been, authorized to operate any form of banking or microfinance business in Nigeria.
"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 statement read, as published by MegaIcon Magazine. "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."
This bold declaration from the CBN comes as the financial regulator reaffirms its commitment to safeguarding Nigeria’s financial system and protecting citizens from the risks posed by fraudulent and unlicensed institutions. The CBN cited Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which explicitly states 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." This legal provision, as emphasized by the CBN, forms the backbone of Nigeria’s regulatory framework and is designed to ensure that only properly vetted and licensed entities are allowed to handle the public’s money.
Despite these clear rules, Zuldal Microfinance Bank Limited has reportedly been operating branches in four major Nigerian cities and claiming legitimacy through a supposed CBN license. The CBN, however, described these claims as "false and misleading," warning that any individual or business engaging with Zuldal Microfinance Bank Limited does so at their own risk. "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 stated firmly.
This incident has cast a spotlight on the persistent issue of unlicensed financial operators in Nigeria, a problem that has plagued the sector for years. The CBN’s prompt response is part of a broader effort to clamp down on illegal banking operations and to protect unsuspecting Nigerians from falling victim to scams and financial malpractices. The regulator also reminded the public that the full list of licensed financial institutions in Nigeria can be easily verified on the CBN’s official website, www.cbn.gov.ng—a simple step that could save many from financial loss or worse.
According to MegaIcon Magazine, the CBN’s action is not just about enforcing regulations; it’s also about public education and awareness. The bank’s leadership has stressed that Nigerians must remain vigilant and exercise due diligence before engaging in any financial transaction. With the rapid growth of digital banking and microfinance institutions across the country, the risk of encountering fraudulent operators has only increased. The CBN’s warning serves as a timely reminder that not every business with a shiny office and convincing pitch is what it claims to be.
But why would a company like Zuldal Microfinance Bank Limited attempt to operate without proper licensing in the first place? The answer, perhaps, lies in the growing demand for accessible banking and credit services, especially among Nigeria’s underserved populations. Microfinance institutions are often seen as a lifeline for small businesses, traders, and individuals who lack access to traditional banking. Unfortunately, this demand has also created fertile ground for unscrupulous actors looking to exploit regulatory gaps for personal gain.
The CBN’s statement makes it clear that such actions will not be tolerated. By invoking the full force of the law and publicly naming and shaming unlicensed operators, the apex bank hopes to send a strong message to both the public and would-be fraudsters. The regulator’s commitment to transparency is evident in its insistence that all licensed institutions are listed on its website—a resource that, if used properly, can help Nigerians differentiate between legitimate and dubious financial operators.
For many Nigerians, this episode is a stark reminder of the importance of regulatory oversight in the financial sector. The risks associated with unlicensed banking range from outright fraud and loss of funds to more insidious consequences, such as the undermining of public trust in the financial system. The CBN’s warning is not just a bureaucratic formality—it’s a call to action for citizens to be proactive in protecting themselves and their communities.
It’s worth noting that the CBN’s intervention comes at a time when Nigeria’s financial landscape is undergoing significant changes. The proliferation of fintech startups, digital lenders, and alternative banking platforms has made it easier than ever for Nigerians to access financial services. However, this progress has also brought new challenges, chief among them the need to ensure that all players in the sector are operating within the bounds of the law. The CBN’s vigilance, therefore, is as much about fostering innovation as it is about maintaining stability and trust.
As the dust settles on the Zuldal Microfinance Bank Limited saga, the CBN’s message remains clear: only those institutions that have met the rigorous standards set by the apex bank are permitted to operate in Nigeria’s financial sector. For everyone else—whether intentionally fraudulent or simply negligent—there will be no place to hide. The public, for its part, is urged to remain cautious, to verify the credentials of any financial institution before parting with their hard-earned money, and to report any suspicious activities to the authorities.
In a country where trust in financial institutions can make or break livelihoods, the CBN’s warning is both a shield and a signpost. It’s a shield against the dangers of fraud and a signpost pointing the way toward a safer, more transparent financial future for all Nigerians.
