CBN Issues Warning to Mortgage, Microfinance Banks, and Development Finance Institutions Over Late Submission of Returns

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The Central Bank of Nigeria (CBN) has issued stern warnings to primary mortgage banks, microfinance banks, and development finance institutions in the country regarding the late or non-submission of statutory monthly returns.

 

In separate statements signed by Valentine O. Ururuka for the Director of the Financial Policy and Regulation Department, the CBN expressed dismay over the recurring issue of late submission of returns.

 

According to the press release, the CBN observed with concern the delay in the submission of periodic returns on FinA by Primary Mortgage Banks (PMBs). PMBs were reminded of the provisions of Section 24 of the Banks and Other Financial Institutions Act (BOFIA) 2020, emphasizing the importance of timely submission of regulatory returns.

 

Similarly, Microfinance Banks (MFBs) and Development Finance Institutions (DFIs) were also cautioned against the late rendition of returns on FinA. All three categories of financial institutions were instructed to ensure that their monthly FinA returns are submitted on or before the 5th day after the month’s end, with provisions for submissions falling on weekends or public holidays.

 

The CBN underscored the importance of adherence to regulatory guidelines and emphasized that future breaches would be met with sanctions. Institutions encountering technical issues were instructed to notify the CBN via email prior to the deadline, providing evidence of the technical challenges faced.

 

The warnings come amidst efforts by the CBN to strengthen regulatory oversight and ensure compliance within the financial sector. It signals the apex bank’s commitment to upholding transparency, accountability, and regulatory discipline among financial institutions operating in Nigeria.


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