CBN Office, Lagos
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CBN to sanction MfBs over late non-rendition of statutory monthly returns

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The Central Bank of Nigeria (CBN) has directed all microfinance banks (MfBs) to adhere to prompt rendition of statutory monthly returns through the FinA application.

This is contained in a statement by Mr. Valentine Ururuka, the Director, Financial Policy and Regulation Department of the apex bank addressed to all MfBs.

According to Ururuka, the apex bank has observed with dismay the lateness and non-rendition of periodic returns on FinA by MfBs.

“All MfBs are, therefore, reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and other regulations.

“Consequently, all MfBs are to ensure that their monthly FinA returns are submitted on or before the fifth day after month-end.

“Where the fifth day falls on a weekend or public holiday, returns shall be submitted on the previous work day.”

He urged the MfBs to ensure timely rendition, as all future breaches would attract sanctions.

“In case of technical issues, you are required to notify the CBN via email via: OFIreturns@cbn.gov.ng prior to the deadline, detailing evidence of the technical issue,” he said.

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