Press Release: "ZULDAL Microfinance Bank" Is Not Licensed By the CBN – Full Details, Risks, and Protection Guide

Press Release: "ZULDAL Microfinance Bank" Is not Licensed By the CBN (Nov 20 2025)—full statement, risks, fake branches in Lagos/Abuja/Kaduna/Kano & how to verify real banks.

On November 20, 2025, the Central Bank of Nigeria (CBN) issued an official press release warning that Zuldal Microfinance Bank Limited operates illegally and holds no license. This entity falsely claims approval while running unauthorized outlets in multiple states, putting depositors at severe risk. This exhaustive guide breaks down the press release: "ZULDAL Microfinance Bank" is not licensed by the CBN, including the exact statement, implications, and steps to stay safe in Nigeria's financial landscape.

The Official CBN Press Release in Full (November 20, 2025)

The CBN released this statement via its Corporate Communications Department, signed by Acting Director Hakama Sidi Ali (Mrs).

Key excerpts:

“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 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.

For the avoidance of doubt, 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’.

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 release went viral across major outlets like Vanguard, Channels TV, Nairametrics, and Leadership Newspaper.

Why the CBN Issued This Urgent Warning

The CBN acts swiftly against unlicensed operators to protect the public from fraud.

Zuldal reportedly opened physical branches and marketed aggressively, including a "grand opening" event in Abuja on September 22, 2025, at the National Women Centre.

False licensing claims mislead vulnerable customers seeking loans or savings accounts. Without CBN oversight, such entities often turn into Ponzi schemes or vanish with funds.

This fits a 2025 pattern of rising illegal finance complaints, per CBN reports.

Locations Claimed by Zuldal (All Unauthorized)

Zuldal allegedly operates in these areas (no verified addresses available):

Abuja (FCT) → Claimed head office or event venue.
Lagos State → Branches in mainland/island.
Kaduna State → Operations in Kaduna city.
Kano State → Branch in Kano metropolis.

Avoid these locations entirely—transactions offer no legal recourse.

Imagine an infographic here: Nigeria map with red "ILLEGAL" markers on Lagos, Abuja, Kaduna, Kano, plus CBN logo and warning text.

Legal Implications Under BOFIA 2020

Section 2(1) BOFIA 2020 prohibits unlicensed banking—violators face fines, imprisonment, or shutdown.

Customers bear full risk:

No NDIC deposit insurance (up to ₦500,000 protection).
Difficulty recovering funds if entity collapses.

CBN may prosecute operators; similar cases led to arrests in 2024–2025.

Financial Risks of Dealing with Unlicensed Entities Like Zuldal

Engaging with illegal operators exposes you to:

Loss of savings — Sudden closure or fraud.
Identity theft — Fake KYC processes.
High-interest traps — Unsustainable loans leading to debt cycles.
No dispute resolution — No CBN or court protection.

In 2025, unlicensed schemes caused billions in losses, per EFCC reports.

How to Verify If a Bank or MFB Is Licensed (Step-by-Step 2025)

Follow these foolproof steps:

Visit CBN List of Licensed Institutions → Search by name.
Check NDIC insured list: NDIC Microfinance Banks.
Confirm CAC registration via CAC Public Search.
Call CBN Consumer Protection: 07002255226.
Use official apps or sites only.

Zuldal fails all checks—no entry anywhere.

What to Do If You've Already Transacted with Zuldal

Act immediately:

Withdraw any funds/deposits.
Report to nearest police station and EFCC.
File complaint with CBN Consumer Protection Department.
Monitor accounts for suspicious activity.

Early action improves recovery chances.

Trusted Licensed Microfinance Alternatives in Nigeria

Choose these verified MFBs:

LapO Microfinance Bank — Digital-first, nationwide.
Accion MFB — Strong presence in Lagos/Abuja.
Grooming MFB — Reliable in North.
AB Microfinance Bank — Multiple branches.

Full list on CBN site.

The press release: "ZULDAL Microfinance Bank" is not licensed by the CBN serves as a critical wake-up call—always verify before trusting. This November 20, 2025, warning protects millions from fraud.

Stay vigilant—check the CBN list today for any bank you're considering. Encountered Zuldal ads or branches? Share details (safely) in comments to help others. Forward this guide widely and subscribe for instant alerts on financial scams and CBN updates. Your money, your future—protect it!