2023: CBN unveils online platform for microfinance bank license

The Central Bank of Nigeria (CBN) has introduced an online platform for the submission of Microfinance Bank license applications.

SOLACEBASE reports that the new platform, named the “CBN Licensing, Approval and Other Requests Portal”, will replace the traditional manual process through which prospective MFB license applicants previously submitted their applications to the apex bank.

This was contained in a statement signed by CBN Director, Corporate Communications, Dr. Isa AbdulMumin, on the website of the apex bank.

Read Also: 2023 Petition: Governorship tribunal fixes Wednesday for judgement

“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 license approvals, benefiting both applicants and the economy.

“Consequently, with effect from September 25, 2023, MFB license 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.

Read Also: Out-of-school: Nigeria needs 20,000 more schools, 907,769 classrooms— UBEC

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.