CBN Requires Monthly Financial Returns from Microfinance, Mortgage and Development Banks

The Central Bank of Nigeria (CBN) has instructed Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Development Financial Institutions (DFIs) to submit their financial returns monthly through the FinA application or face sanctions.

This directive was conveyed in separate letters signed by Valentine Ururuka, PhD, the Director of the CBN’s Financial Policy and Regulatory department, addressed to the mentioned financial institutions. The CBN emphasised the importance of timely submission and warned of possible sanctions for non-compliance.

The MFBs, PMBs, and DFIs were reminded of the regulatory requirement to submit their monthly FinA returns by the 5th day after the month ends.

Failure to adhere to this deadline will result in sanctions, in accordance with the Banks and Other Financial Institutions Act (BOFIA), 2020, and other relevant regulations. The letters highlighted the CBN’s commitment to enforcing regulatory compliance among financial institutions.

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