The Central Bank of Nigeria (CBN) has introduced an online platform for submitting Microfinance Bank licence applications.
The new platform, 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.
CBN’s Director of Corporate Communications, Isa AbdulMumin, disclosed this on Wednesday in a statement on its website.
Accordingly, the apex bank said that from September 25, 2023, prospective MFB applicants should visit its website, www.larp.cbn.gov.ng, to submit their respective MFB licence applications.
“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, from September 25, 2023, MFB licence applicants must 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.
“Meanwhile, please note that the bank shall continue to accept manual applications for all other licence types until further notice,” it partly read.
thedabigal recalls that CBN has 876 licensed MFBs as of June 30, 2021.