Gwamcee News
The Central Bank of Nigeria has vowed to sanction 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.
The Apex Bank gave this warning on Wednesday through a letter signed by its Director of Financial Policy and Regulation, Valentine Ururuka.
The bank in the statement 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.
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.
Premium Times report that 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 OFIreturns@cbn.gov.ng before the submission deadline, providing detailed information and evidence of the technical challenge.
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.
