CBN To Sanction MFBs, others against late rendition of returns

The Central Bank of Nigeria has indicated that it would sanction development finance institutions (DFIs), primary mortgage banks (PMBs), and microfinance banks (MFBs) in Nigeria over late submission of regulatory returns  through the Financial Institutions Returns Automation (FinA) application. In separate letters to the institutions dated March 5, 2024, the apex bank expressed strong disapproval concerning late submission of returns by the banks on the financial analysis (FinA) system. The letters signed by the Director of Financial Policy and Regulation, Valentine Ururuka, stated that the Central Bank of Nigeria has observed with dismay the late and non-rendition of periodic returns on FinA by Microfinance Banks (MFBs), Development Finance Institutions (DFIs) and Primary Mortgage Banks (PMBs). Consequently, all MFBs, DFIs and PMBs are to ensure that their monthly FinA returns are submitted on or before the 5th day after the month end

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