CBN unveils online portal to accelerate microfinance banks licence applications

Business A.M

The Central Bank of Nigeria (CBN) has unveiled a new online platform for the submission of Microfinance Banks (MfBs) license applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).

The apex bank made the announcement  in a statement signed recently  by Isa AbdulMumin, the director of corporate communication, noting that the new online platform will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN.

According to the regulator, the new platform, which would replace the current manual process, was created to improve accessibility, reduce paperwork, and expedite licence approvals,benefiting both applicants and the economy.

CBN explained that 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.

However, the CBN stated that the parallel run will end on December 31, 2023. Thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted.

“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 cbnlarp-helpdesk@cbn.gov.ng for further information,”CBN said.