CBN to sanction Microfinance Banks over late, non rendition of statutory monthly returns

By MBAFAN ADE, Abuja –

The Central Bank of Nigeria (CBN) has urged all Microfinance Banks (MfBs) to ensure prompt rendition of statutory monthly returns through FinA application.

The CBN Director, Financial Policy and Regulation Department, Valentine Ururuka, disclosed this in a circular addressed to all MfBs.

Ururuka said the CBN has observed with dismay the late and non-rendition of periodic returns on FinA by MfBs.

“All MfBs are, therefore, reminded of the provision 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 fall 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: [email protected] prior to the deadline, detailing with evidence of the technical issue,” he said.