By Mariam Abeeb
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.
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.
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