Regulatory Alerts2024-03-05 | FPR/DIR/PUB/LET/001/023Letter to all Microfinance Banks - Late and Non-Rendition of Statutory Monthly Returns to the Central Bank of Nigeria through the FinA Application
The Central Bank of Nigeria is reminding all Microfinance Banks (MFBs) about the importance of submitting their monthly FinA returns on time, as per the Banks and Other Financial Institutions Act (BOFIA) 2020 and other regulations. MFBs must submit their returns by the 5th day after the month-end, or the previous workday if the 5th falls on a weekend or holiday. Late or non-submission of returns will be sanctioned.
Central Bank of Nigeria Financial Policy & Regulation Department Plot 33, Abubakar Tafawa Balewa Way Central Business District P.M.B. 0187, Garki, Abuja - Nigeria.
Email: fprd@cbn.gov.ng Website: www.cbn.gov.ng Phone: 09-462-37402, 09-462-37404 FPR/DIR/PUB/LET/001/023 March 5, 2024 LETTER TO ALL MICROFINANCE BANKS LATE AND NON-RENDITION OF STATUTORY MONTHLY RETURNS TO THE CENTRAL BANK OF NIGERIA THROUGH THE FinA APPLICATION The Central Bank of Nigeria has observed with dismay the late and non-rendition of periodic returns on FinA by Microfinance Banks (MFBs). All MFBs are therefore reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, and other extant regulations 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 a 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.
In case of technical issues, you are required to notify the CBN via email to OFIreturns@cbn.gov.ng prior to the deadline, detailing with evidence the technical issue.
VALENTING O. URURUKA PhD FOR: DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT