The Central Bank of Nigeria (CBN) has launched an online platform for the submission of Microfinance Bank (MFB) license applications named, ‘CBN Licensing, Approval and Other Requests Portal (LARP)’. This was disclosed in a statement signed by the CBN Director, Corporate Communications, Isa Abdulmumin, which was released on the apex bank’s website.
The statement reads, “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.
“The parallel run will end on December 31, 2023. Thereafter, manual submissions of hardcopy MFB licenser applications will no longer be required and accepted.”
CBN stated that prospective applicants should log on to www.larp.cbn.gov.ng to submit their MFB license applications, adding that “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.”