In what is expected to eventually result in replacing of the current manual process whereby prospective applicants for Micro Finance Banking licence physically submit their applications, the Central Bank of Nigeria (CBN), on Wednesday announced the unveiling of a new online platform for the purpose.
Known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP) will eventually replace the current manual process, even as plans are afoot to extend the platform to other categories of licences in due course, according to Isa AbdulMumin, its Director of Corporate Communications.
The statement signed by Isa AbdulMumin, its Director, Corporate Communications, noted that online application system, which becomes effective on September 25, 2023, offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.
From that date, MFB licence applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run, which billed to end on December 31, 2023.
Thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted, noting that “by digitising the application process, the CBN aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy,” he added
The cover letter submitting the hardcopy application, the statement added, must also note a valid application reference from the online submission to be 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.