CBN to sanction MfBs over late, non-rendition of statutory monthly returns

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.