As part of it efforts to digitize the financial sector, the Central Bank of Nigeria—CBN, has introduced an online platform called the CBN Licensing, Approval, and Other Requests Portal for a microfinance bank—MFB license.
The portal is designed to simplify the process of applying for MFB and also allow prospective applicants to submit their applications online, replacing the previous manual submission process.
The CBN aimed to digitize the licensing process to improve accessibility, reduce paperwork, and expedite license approvals.
According to apex bank, the online application system offered numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.
Starting from September 25, 2023, MFB license applicants were required to submit both hardcopy and online applications as part of a parallel run.
The parallel run will end on December 31, 2023, after which manual submissions of hardcopy MFB license applications will no longer be accepted.
Prospective MFB applicants are urged to visit the CBN Licensing, Approval, and Other Requests Portal to submit their applications.
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In a statement signed by its Director, Corporate Communications, Isa AbdulMumin, on the website of the apex bank, detailed guidance and a user guide were available on the platform to assist users in navigating the new system.
The statement read, “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.
“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. A user guide can also be downloaded from the platform.
“Meanwhile, please note that the Bank shall continue to accept manual applications for all other licence types until further notice.”
