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CBN mandates microfinance, mortgage banks and DFIs to submit financial returns monthly or risk sanctions



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The Central Bank of Nigeria has mandated Microfinance banks, Primary Mortgage Banks (PMBs) and Development Financial Institutions (DFIs) to ensure they submit their financial returns monthly through the FinA application or risk sanctions.

The apex bank disclosed this in three separate letters signed by its Director of Financial Policy and Regulatory department, Valentine Ururuka, PhD to the financial institutions under the categories listed.

According to the letter, the CBN warned that all financial institutions under the categories listed should submit the monthly FinA on or before the 5th of the next month.

The same warning on failure to render the regulatory returns at the stipulated time was also issued to both PMBs and DFIs.