All microfinance banks (MfBs) have been encouraged by the Central Bank of Nigeria (CBN) to make sure that their FinA applications are used to promptly render monthly statutory returns.
This is stated in a circular that is delivered to all MfBs and is signed by Valentine Ururuka, the Director of the Apex Bank’s Financial Policy and Regulation Department. Ururuka claims that the CBN is shocked by MfBs’ tardiness and lack of periodic return submissions on FinA.
As a result, Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and its implementing rules are now reminded to all MfBs. As a result, all MfBs must make sure that their monthly FinA returns are turned in by the fifth day following the end of the month, at the latest.
“Where the fifth day falls 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 before the deadline, detailing with evidence of the technical issue,” he said. FinA is an offsite surveillance system for the online submission of returns by financial institutions to the CBN.
