CBN Introduces Online Platform For Microfinance Bank Licence Applications

CBN has introduced an online platform for microfinance bank licence applications.

Glamtush reports that the Central Bank of Nigeria (CBN) has introduced an online platform for the submission of Microfinance Bank licence applications.

This online newspaper learnt that the new platform, named the “CBN Licensing, Approval and Other Requests Portal”, will replace the traditional manual process through which prospective MFB licence applicants previously submitted their applications to the CBN.

This was disclosed in a statement sighted by our correspondent and signed by its Director, Corporate Communications, Isa AbdulMumin, on the website of the apex bank.

“The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures. By digitising 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.

From September 25, 2023, prospective MFB applicants are urged to log on to www.larp.cbn.gov.ng to submit their respective MFB licence 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.

“Meanwhile, please note that the Bank shall continue to accept manual applications for all other licence types until further notice,” it partly read.