CBN To Stop Manual Submission Of Application For MFB License December 31, Unveils Portal
The Central Bank of Nigeria (CBN) has announced the unveiling of a new online platform for the submission of microfinance bank (MFB) licence applications.
The portal would be known as the CBN
Licensing, Approval and Other Requests Portal (CBN LARP).
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The apex bank said the new online platform will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN.
The CBN Director Corporate Communications Department, Dr Isa AbdulMumin said in due course, the apex bank will extend
the platform to other categories of licences.
He said, “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.
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“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.”
He said 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.
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“A user guide can also be downloaded from the platform. Applicants may contact the dedicated helpdesk via email at [email protected] for further information.
“Meanwhile, please note that the Bank shall continue to accept manual applications for
all other licence types until further notice,” he added.
