The Central Bank of Nigeria (CBN), has unveiled a new online platform for submission of microfinance bank (MFB) licence applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).
The apex bank Director, Corporate Communications, Dr Isa Abudulmumin, who made this known Wednesday, announced that the online platform is expected to replace the current manual process where prospective applicants for MFB licence physically submit their applications to the CBN.
This is just as he stated, that the CBN, in due course, will extend the platform to other categories of licences.
According to him, “The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.
“By digitizing the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.
“Consequently, with effect from September 25, 2023, MFB licence applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run.
“The cover letter submitting the hardcopy application must also note a valid application reference from the online submission to be accepted” he remarked.
Furthermore, he added that the parallel run will end on December 31, 2023, and thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted.
He noted also that the apex bank would continue to accept manual applications for all other licence types until further notice.
Prospective MFB applicants were urged to log on to www.larp.cbn.gov.ng to submit their respective MFB licence applications by September 25, 2023, as “help and detailed guidance is available within CBN LARP to assist users in navigating the new platform,” the spokesperson concluded.
