CBN to Sanction MFBs, PMBs, DFIs for Late Regulatory Returns
The Central Bank of Nigeria (CBN) is cracking down on late submissions of monthly reports from Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Development Finance Institutions (DFIs).
In letters addressed to each institution type, the CBN expressed disappointment with the “late and non-rendition of periodic returns on FinA,” the bank’s online reporting system.
Citing relevant regulations, the CBN reminded MFBs, PMBs, and DFIs of their obligation to submit monthly reports by the 5th day following the end of each month. If the deadline falls on a weekend or public holiday, institutions must submit their reports on the previous business day.
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The CBN warned of “sanctions for future breaches” and advised institutions to prioritize timely submissions. In case of technical difficulties preventing on-time reporting, institutions are instructed to notify the CBN via email ([email address removed]) before the deadline, providing details and evidence of the issue
