CBN warns MfBs to submit monthly returns through FinA app

By Sodiq Adelakun

The Central Bank of Nigeria (CBN) has called on Microfinance Banks (MfBs) to submit their monthly returns through the FinA application in a timely manner.

In a circular addressed to all MfBs, the CBN expressed concern over the late and non-rendition of periodic returns on FinA.

The Director of Financial Policy and Regulation Department of the CBN, Valentine Ururuka, reminded MfBs of the provision of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, and other regulations.

Ururuka urged MfBs to ensure that their monthly FinA returns are submitted on or before the fifth day after month end.

He warned that future breaches would be sanctioned.

FinA is an offsite surveillance system for online submission of returns by financial institutions to the CBN.

“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 falls 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: OFIreturns@cbn.gov.ng prior to the deadline, detailing with evidence of the technical issue,” he said.

It was gathered that FinA is an offsite surveillance system for online submission of returns by financial institutions to the CBN.