Abuja - The Central Bank of Nigeria (CBN) has threatened to sanction banks that refuse to use the electronic reporting systems when filing their financial returns.
CBN compels the financial institutions to use e-FASS and FinA platforms.
CBN new directive stipulates daily, monthly, quarterly and semi-annual timeline for which banks must render their returns using the electronic solutions.
The central bank expressed concerns that since the introduction of the technology last years, only few banks have complied with the directives to adopt the electronic solution in rendering their statutory returns.
In a circular to all deposits banks and financial institution in the country, CBN warned that it had given banks “enough” time to familiarize themselves with the solution and would soon commence.
The warning circulation to banks stated, “It has become necessary to remind all banks and discount houses about the timelines for the rendition of statutory returns through eFASS and FinA, shall henceforth, be strictly enforced: Daily returns to be submitted on or before 10.00 a.m. of the following working day; and Monthly, Quarterly and Semi-Annual returns to be submitted on or before the 5th day after the month end.
“Where the fifth day happens to be weekend or public holiday, returns should be submitted the previous day. This letter takes immediate effect and all reporting institutions are hereby requested to note the above timelines as any future breach shall be promptly met with the applicable sanctions.”
– CAJ News
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