On Wednesday, the Central Bank of Nigeria (CBN) announced that it launched a digital portal for the submission of licensing applications for microfinance banks (MFBs).
Isa AbdulMumin claims that the CBN Licensing, Approval, and Other Requests Portal (CBN LARP) portal will take the place of the current manual procedure for MFB license applications.
The Bank will continue to accept manual applications for all other license types, according to AbdulMumin, until further notice. The CBN will eventually expand the platform to other license categories. Numerous advantages of the online application system include a streamlined procedure, time savings, improved communication, and strong security measures.
The Bank wants to make the application process more accessible, cut down on paperwork, and speed up license approvals for the benefit of both applicants and the economy.
Starting on September 25, 2023, those applying for MFB licences must conduct simultaneous applications in hard copy and online (through the CBN LARP). In order for the hardcopy application to be accepted, the cover letter must also include a valid application reference from the online submission. On December 31, 2023, the parallel run will come to an end. Following that, manual submissions of paper MFB licensing applications won’t be needed or accepted.
Prospective MFB applicants are invited to log on to www.larp.cbn.gov.ng starting on September 25, 2023, to submit their individual MFB licensing applications. Help and detailed guidance are available within CBN LARP to assist users in navigating the new platform.
A user guide can also be downloaded from the platform. Applicants may contact the dedicated help desk via email by clicking here.
