By 
The Central Bank of Nigeria (CBN) has issued a stern directive to all Microfinance Banks (MfBs), emphasizing the imperative of promptly submitting statutory monthly returns via the FinA application.
In a circular signed by Valentine Ururuka, Director of the Financial Policy and Regulation Department at the apex bank, addressed to all MfBs, the CBN expressed dissatisfaction with the recurring issue of delayed or non-submission of periodic returns on FinA by MfBs.
Ururuka reiterated the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, along with other pertinent regulations, stressing that adherence to these guidelines is mandatory.
“All MfBs are hereby reminded to ensure the submission of their monthly FinA returns on or before the fifth day following the end of each month. Should the fifth day coincide with a weekend or public holiday, returns must be submitted on the preceding workday,” stated Ururuka.
Furthermore, he cautioned MfBs that failure to comply with these directives will result in sanctions being imposed. The CBN emphasized its commitment to enforcing strict penalties for any future breaches of these regulations.
In instances where technical challenges arise, MfBs are instructed to promptly notify the CBN via email at OFIreturns@cbn.gov.ng before the stipulated deadline. Such notifications should include comprehensive details and evidence of the technical issues encountered.
The CBN’s proactive stance underscores its dedication to maintaining regulatory compliance and ensuring the integrity of the financial sector, urging MfBs to uphold their obligations and responsibilities diligently.
Comments