THE Central Bank of Nigeria (CBN) has urged all Microfinance Banks (MfBs) to ensure prompt rendition of statutory monthly returns through FinA application.
According to the News Agency of Nigeria (NAN), this was contained in a circular signed by Valentine Ururuka, the Director, Financial Policy and Regulation Department of the apex bank addressed to all MfBs.
According to Ururuka, the CBN has observed with dismay the late and non-rendition of periodic returns on FinA by MfBs.
“All MfBs are, therefore, reminded of the provision of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, and other regulations.
“Consequently, all MfBs are to ensure that their monthly FinA returns are submitted on or before the fifth day after month end.
“Where the fifth day fall on a weekend or public holiday, returns shall be submitted the previous work day,’’ he said.
He warned the MfBs to ensure timely rendition as all future breaches “shall be sanctioned’’.
“In case of technical issues, you are required to notify the CBN via email via: OFIreturns@cbn.gov.ng prior to the deadline, detailing with evidence of the technical issue,” he said.
NAN added that FinA is an offsite surveillance system for online submission of returns by financial institutions to the CBN.
"When in our constitution, it was mandatory for the president to transmit to the VP…
Reports from the state indicate that both political parties held their affirmation
"Some states still allocate less than 3% of their budgets to..."
"We were waiting for the gas to move to the North adding the whole CNG…
Chairman of Abuja Municipal Area Council (AMAC), Hon. Christopher Zakka Maikalangu, is presently fuming over…
Yakubu emphasised the need for the physically challenged to be culturally, socially and economically empowered.
This website uses cookies.