E-Financial
CBN Cautions Banks, Others over Rendition of Returns
The Central Bank of Nigeria (CBN) may soon wield the big stick on the deposit money banks and discount houses, which persist in flouting the timelines for rendition of statutory returns through the prescribed information technology.
In a circular signed by Mrs. Tokunbo Martins, director of Banking Supervision, said the apex bank has now begun enforcement, with appropriate sanctions scripted and to be “promptly” administered for defaulting banks.
The move, according to her, may have become necessary as the bank earlier allowed time for the lenders to become familiar with the solution, but some have relapsed to the point of not using the application, while others miss the targeted timeline.
The timeline for the renditions of returns were scheduled to run daily, monthly, quarterly and semi-annual, throught the application known as e-FASS and FinA, with the daily being turned in by 10am of next working day and others on fifth day of the new month.
The circular reads: “Subsequent to the ‘Go-Live’ of the FinA Regulatory Reporting Application in December 2013, all banks and discount houses have been required to submit Daily, Monthly, Quarterly and Semi-Annual returns concurrently via the e-FASS and FinA Applications.
“In consideration of the need to enable reporting institutions become familiar with the new Application (FinA), the deadlines for submission of returns were not strictly enforced. It is also observed that some institutions do not even render their returns through FinA.
“Consequently, 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.”
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology
IMF Appoints Elumelu, Nigerian Businessman to Advisory Council
NCS to Launch Electronic System for Cash Declarations at Airports
IHS Nigeria Hosts Telecom Industry Stakeholders to Discuss Protection of Critical National Infrastructure in Lagos State
Aquaterra Energy Secures Multi-million-dollar well Intervention Contract with Intrepid Energy in Nigeria
Telecom2 days agoAgain, Labour Fumes, Threatens Shutdown of Telcos over Non-Implementation of 15 Percent Tariff Reduction
News2 days agoNNPC Ready to Go to Capital Market for IPO- CFIO
E-Business2 days agoFG Launches Online Visa Approval Centre
E-Business2 days agoQNET Disassociates From Fraudulent Academy in Abuja, Supports EFCC Arrest
E-Business2 days agoFirm Discovers Sophisticated Chrome Zero-day Exploit Used in Active Attacks
E-Financial2 days agoFintech, Remittances Anchor Africa’s Booming Payments System
E-Business2 days agoNITDA Partners JICA to Launch Nigeria-Japan Startup Hub
Telecom2 days agoEverything You Need to Know About MTN’s MIP 2025 Fellowship Webinar