The Central Bank of Nigeria (CBN) made a significant announcement on Wednesday, revealing the launch of a cutting-edge online platform designed for the submission of Microfinance Bank (MFB) license applications. This innovative system is known as the CBN Licensing, Approval, and Other Requests Portal (CBN LARP).
This online portal marks a pivotal shift from the traditional manual application process, where aspiring MFB licensees had to physically submit their applications to the CBN.
Dr Isa AbdulMumin, the Director of Corporate Communications at the CBN, highlighted that in the near future, the central bank plans to extend the use of this online platform to cover other types of licenses as well.
Starting from September 25, 2023, applicants seeking MFB licenses will be required to submit both hardcopy and online applications through the CBN LARP. This parallel approach is aimed at streamlining the process, reducing paperwork, and expediting the approval of licenses, among other advantages.
The online application system boasts several benefits, including a simplified process, time efficiency, improved communication, and robust security measures. By embracing digitalization in the application process, the central bank aims to enhance accessibility, reduce paperwork, and accelerate license approvals, benefiting both applicants and the broader economy.
The CBN emphasized that the cover letter accompanying the hardcopy application must reference a valid application submitted online for it to be accepted.
The parallel run, combining both manual and online submissions, will conclude on December 31, 2023. After this date, manual submissions of hardcopy MFB license applications will no longer be accepted or required.
Dr AbdulMumin encouraged prospective MFB applicants to visit www.larp.cbn.gov.ng starting from September 25, 2023, to submit their MFB license applications. The CBN LARP platform provides comprehensive guidance to assist users in navigating the new system, including a downloadable user guide. For further information, applicants can reach out to the dedicated helpdesk via email at email@example.com.
The CBN clarified that manual applications for all other types of licenses will continue to be accepted until further notice.