The Central Bank of Nigeria (CBN) has launched an innovative online platform designed for the submission of applications for Microfinance Bank licenses. The newly introduced platform, known as the “CBN Licensing, Approval, and Other Requests Portal,” is set to replace the conventional manual process that was previously used by prospective Microfinance Bank license applicants to submit their applications to the CBN.
This significant development was officially announced in a statement posted on the website of the apex bank, as confirmed by its Director of Corporate Communications, Isa AbdulMumin.
The statement reads
“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,” Isa AbdulMumin said