Regulatory Alerts2008-02-04 | TED-FEM-FPC-GEN-01-011-08Notice to the Managing Directors/CEOs of Microfinance Banks on Non-Rendition of Monthly Returns and Other Matters
The Central Bank of Nigeria has issued a final notice to all microfinance banks (MFBs) with either final licenses or provisional approvals, reminding them that non-submission of monthly returns is strictly unacceptable. This includes submitting reports late or submitting false/inaccurate information. Sanctions for non-compliance may include license revocation. In addition, MFBs must ensure their official name is consistent with the Central Bank's approval and registered at the Corporate Affairs Commission. The CBN licence should be prominently displayed in all branches. Failure to comply will result in appropriate sanctions according to the Banks and Other Financial Institutions Act (BOFIA) and the Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria.