Nigeria Regulatory Pack
mfi_reg_nigeria covers the 800+ microfinance banks supervised by the Central Bank of Nigeria's Other Financial Institutions Supervisory Department (OFISD), filing through the e-FASS portal.
MFB tier structure
CBN classifies MFBs by capital and footprint. The pack defaults to Tier 1 Unit; change in Settings if you operate a National or Tier 2 licence.
| Tier | Minimum capital | Geographic scope |
|---|---|---|
| Tier 1 Unit | NGN 200M | Single state |
| Tier 1 State | NGN 1B | Single state, multiple branches |
| Tier 1 National | NGN 5B | Nationwide |
| Tier 2 | NGN 50M | Single LGA (Local Government Area) |
e-FASS returns
e-FASS is CBN's electronic submission portal. The pack supports all MFB-relevant schedules.
- Schedule 1 — Statement of Financial Position
- Schedule 2 — Statement of Profit or Loss
- Schedule 3 — Capital Adequacy
- Schedule 4 — Liquidity
- Schedule 5 — Risk Asset Schedule
- Schedule 6 — Large Exposures
- Schedule 7 — Insider-related Credits
- Schedule 8 — Off-balance-sheet items
NFIU AML
Nigerian Financial Intelligence Unit. STR on reasonable suspicion. CTR threshold NGN 5,000,000 individuals, NGN 10,000,000 corporates. Lodgement via NFIU Web Portal in goAML XML 5.0.
FIRS tax
Federal Inland Revenue Service. WHT on interest 10% residents. Stamp duty on credit facilities. Pack generates FIRS WHT credit notes per remittance.
NDPR / NDPC data protection
Nigerian Data Protection Regulation 2019 (now Nigeria Data Protection Act 2023). The pack ships the privacy notice template, DPIA template, and the NDPC annual audit report scaffold (due 15 March each year).
Worked scenarios
Scenario — Lagos Hope MFB files March e-FASS return
| Character | Role |
|---|---|
| Samuel Kibet | Compliance Officer (Kenyan-trained) |
| Florence Achieng | CFO |
| Mary Mutua | Internal Auditor |
| Peter Otieno | MD |
Timeline
- 31 Mar, 23:59: March books closed. (Net loans NGN 4.2B, deposits NGN 2.8B.)
- 1 Apr, 02:00: e-FASS return scaffolded. (8 schedules created, state=open.)
- 3 Apr, 09:00: Samuel pulls return. (CAR 12.4% (above 10% min), liquidity 24%.)
- 4 Apr, 11:00: Engine flags 3 insider-related credits totalling NGN 180M. (Within 5% of capital cap; ok.)
- 5 Apr, 14:00: Florence reconciles books to schedules. (All 8 schedules tie.)
- 8 Apr, 10:00: Samuel signs. (State=ready.)
- 9 Apr, 14:00: Mary reviews and counter-signs. (State=signed.)
- 10 Apr, 09:00: Peter approves and lodges via e-FASS. (API push completes; reference EFASS-2026-03-LHMFB-1847.)
- 12 Apr, 16:30: CBN OFISD acceptance. (State=accepted.)
Outcome — Filed 4 days before 14 April deadline (14 days after month-end). Insider-credit aggregate position now actively monitored via dashboard.
Reference
CBN MFB minimum ratios
| Ratio | Minimum | Pack alert |
|---|---|---|
| Capital adequacy | 10% | 12% |
| Liquidity | 20% | 23% |
| Single obligor | 5% of capital (1% for insider) | Hard cap |
| Aggregate large exposures | 1600% of capital | 1400% |
| Insider credits | 5% of paid-up capital | Hard cap |
Troubleshooting
| Symptom | Likely cause | Fix |
|---|---|---|
| e-FASS push returns HTTP 403. | e-FASS credential rotation (CBN rotates quarterly). | Refresh credential in e-FASS admin console; paste new token to mfi_reg_ng.efass.token. |
| Schedule 7 insider-related credits column empty. | Member partner not flagged is_insider=True. | Members > Insider tab, mark directors, senior management, and significant shareholders. |
| NDPC annual audit report missing data processor list. | Third-party processors not registered in res.partner with category=data_processor. | List M-Pesa, KCB, Safaricom, etc. as data processors with NDPC required metadata. |
| NFIU goAML rejected with 'invalid BVN'. | Member BVN missing or wrong length. | Members > BVN validator wizard, run, fix flagged records. |