CBN threatens sanctions over late filing of monthly returns
The Central Bank of Nigeria on Wednesday issued a stern warning to all development finance institutions, primary mortgage banks, and microfinance banks regarding the timely submission of their statutory monthly returns through the Financial Institutions Returns Automation (FinA) application.
FinA is an advanced off-site surveillance automation system for online submission of returns by financial institutions to the CBN, sponsored by USAID. Deployed in 2011, its key functions include collecting data from FIs online, storing the data in a database, processing and analyzing the data, and generating reports.
The CBN warned the institutions through a letter signed by its Director of Financial Policy and Regulation, Valentine Ururuka.
The bank expressed deep concern over the recurring issue of late and non-rendition of periodic returns on FinA.
Citing the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, it emphasised the mandatory requirement for timely submission of regulatory returns.
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The financial institutions were reminded that their monthly FinA returns should be submitted on or before the 5th day after the end of each month.
“Consequently, all are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month end. 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,” it said.
The letter also outlined the process for notification in cases of technical issues preventing timely submission.
Financial institutions are required to notify the CBN via email at [email protected] before the submission deadline, providing detailed information and evidence of the technical challenge.
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The Central Bank of Nigeria on Wednesday issued a stern warning to all development finance institutions, primary mortgage banks, and microfinance banks regarding the timely submission of their statutory monthly returns through the Financial Institutions Returns Automation (FinA) application.
FinA is an advanced off-site surveillance automation system for online submission of returns by financial institutions to the CBN, sponsored by USAID. Deployed in 2011, its key functions include collecting data from FIs online, storing the data in a database, processing and analyzing the data, and generating reports.
The CBN warned the institutions through a letter signed by its Director of Financial Policy and Regulation, Valentine Ururuka.
The bank expressed deep concern over the recurring issue of late and non-rendition of periodic returns on FinA.
Citing the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, it emphasised the mandatory requirement for timely submission of regulatory returns.
READ ALSO: Lagos donates crime-fighting equipment to police
The financial institutions were reminded that their monthly FinA returns should be submitted on or before the 5th day after the end of each month.
“Consequently, all are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month end. 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,” it said.
The letter also outlined the process for notification in cases of technical issues preventing timely submission.
Financial institutions are required to notify the CBN via email at [email protected] before the submission deadline, providing detailed information and evidence of the technical challenge.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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