Submit financial returns monthly or risk sanctions, CBN tells microfinance, mortgage banks

Submit financial returns monthly or risk sanctions, CBN tells microfinance, mortgage banks

The Central Bank of Nigeria has directed my icrofinance banks, Primary Mortgage Banks (PMBs) and Development Financial Institutions (DFIs) to submit their financial returns monthly through the FinA application or risk sanctions.

The apex bank disclosed this in three separate letters signed by its Director of Financial Policy and Regulatory department, Valentine Ururuka, to the financial institutions under the categories listed.

According to the letters, the CBN stated that all financial institutions under the categories listed should submit the monthly FinA on or before the 5th of the next month.

READ ALSO:

• How luggage stopped me from joining ill-fated chopper – Wigwe’s PA recounts ordeal
• Jigawa Assembly impeaches 2 principal officers, suspends 4 LG chairs
• Femi Brainard: From Yoruba film star to US cab driver – A Journey of Resilience

It stated, “The Central bank of Nigeria has observed with dismay the late and non-rendition of periodic returns on FinA by Microfinance banks. All MFBs are therefore reminded on the provisions of section 24 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and other extant regulation on timely rendition of regulatory returns.

“Consequently, all MFBs are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month end. Where the 5th day falls on the weekend or public holiday, returns shall be submitted the previous work day.

“You are strongly advised to ensure timely rendition of all regulatory returns as future breaches shall be sanctioned.”

The same warning on failure to render the regulatory returns at the stipulated time was also issued to both PMBs and DFIs.