For the Enugu based Umuchinemere Pro-credit Micro Finance Bank (UPMFB), it started since October 2010 to render Returns electronically to CBN, in compliance with the apex bank's policy for microfinance banks to be rendering their monthly Returns with to it electronically.
Mrs. Bibbian Ofoje, UPMFB Head of Finance and Accounts, confirmed that the bank complies with the Central Bank's directive on rendering of banks returns in electronic form.
The micro finance bank started the pilot scheme of the directive last October and has not been having problems doing it, as the CBN gave microfinance banks in the country a deadline of end of June 2011 "for operators to comply with the directive on information technology infrastructure," which would enhance their operations and also assist in the timely rendering of returns.
"June 2011 has been set as the deadline for the operators of microfinance banks to comply with the directive on IT infrastructure. The CBN is prepared to render any form of genuine assistance to the industry to ensure compliance", Dr. Kingsley Moghalu, deputy governor of CBN on Banking System Stability said.
"Umuchinemere Pro-credit Micro Finance Bank has already rendered its June and July 2011 Returns to the CBN in soft or electronic copy and no more in hard copy. So we comply with the directive", the UPMFB Head of Finance & Accounts said.
UPMFB makes it a point of duty to comply with government policies, programmes, rules and regulations that concern micro finance banking, as it has kept a well established tradition of maintaining best practice in corporate governance in the banking industry, striving so hard to be an exemplary reference point in corporate governance in the country and even beyond. The bank has a high ethical standard and a track record of credibility or reputation.
For members of the bank, "It is a clear testimony that we're committed and adhere to our mission statement of being a micro finance bank with ethical standards, offering best-in-class financial products and services that are innovative, socially responsible, customer-focused, grass root and community-oriented, promoting sustainable stakeholder participation and integral human development, leading as our Motto states, 'to improve the dignity of man through hard work, honesty and self reliance in making money work for the human being".
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