The Central Bank of Nigeria (CBN), has unveiled a new online platform for the submission of Microfinance Banks (MfBs) license application also known as CBN Licensing, Approval and Other Requests Portal (CBN LARP).
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 made the announcement yesterday in a statement signed by its Director Corporate Communication, Dr. Isa AbdulMumin.
The apex bank said: “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of MFB licence applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).
“The new online platform will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN.
“In due course, the Bank will extend the platform to other categories of licences. 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, 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.
“The parallel run will end on December 31, 2023. Thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted. 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.