Whenever a new sheriff comes to town, often time, they come with their own idea of how things should be done.
Indeed, this means that businesses must abide by new modes of operation or face sanctions.
The situation is same in the banking sector.
Now, the Central Bank of Nigeria (CBN) has warned all Micro Finance Banks (MFBs) regarding the late submission of regulatory returns.
Also, the apex bank has sent the same warning to development finance institutions (DFIs), and Primary Mortgage Banks (PMBs).
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The warning came to the PMBs, MfBs and DFIs from the CBN in separate letters dated March 5, 2024.
Also, it expressed a strong disapproval towards the late submission of returns by banks on the financial analysis (FinA) system.
FinA is an offsite surveillance automation system for online submission of returns by financial institutions to the CBN.
Now, the apex bank wants the MFBs, PMBs and DFIs to submit their return “before the 5th day after the month end”.
Failure to do this will attract sanction, the apex bank says.
CBN Frowns At Non-Rendition Of Periodic Returns
“The CBN is shocked at the late and non-rendition of periodic returns on FinA by Microfinance Banks (MFBs).
“Development Finance Institutions (DFIs) and Primary Mortgage Banks (PMBs),” the letter reads.
“All MFBs, DFIs and PMBs 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.
Monthly FinA Must Be To CBN
“Consequently, all MFBs, DFIs and PMBs are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month end.
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“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.”
