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The Central Bank of Nigeria (CBN) is poised to impose sanctions on Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Development Finance Institutions (DFIs) if they fail to submit their monthly returns promptly.
In letters addressed to MFBs, DFIs, and PMBs by the Director of the Financial Policy and Regulation Department of the CBN, titled ‘Late and Non-Rendition of Statutory Monthly Returns to the Central Bank of Nigeria through the FinA Application,’ the CBN expressed dissatisfaction with the observed delays in submitting periodic returns via FinA.
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The Central Bank of Nigeria reminded these financial institutions of the provisions in Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and other existing regulations that require timely submission of regulatory returns.
The directive outlined that MFBs must ensure the submission of their monthly FinA returns on or before the 5th day after the month-end. If the 5th day falls on a weekend or public holiday, returns should be submitted on the previous working day.
The letter emphasized the importance of adhering to these deadlines and urged institutions to notify the Central Bank of Nigeria of any technical issues via email to OFlreturns@cbn.gov.ng before the deadline, providing evidence of the technical problem.
The Central Bank of Nigeria warned of impending sanctions for future breaches, underlining the significance of compliance with regulatory reporting obligations.
