The Central Bank of Nigeria (CBN) has unveiled a new online platform for the submission of microfinance bank (MFB) licence applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).
Director of Corporate Communications of the CBN, Isa AbdulMumin, disclosed this in Abuja yesterday.
He said the new online platform would eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN.
He added that in due course, the apex bank would extend the platform to other categories of licences.
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, he said.
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.
The parallel run will end on December 31, 2023. Thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and 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.
Applicants may contact the dedicated helpdesk via email at email@example.com for further information.
He further added that the apex bank will continue to accept manual applications for all other licence types until further notice.