CBN Introduces Online Portal for Licencing of Microfinance Banks

•Manual submission ends December 31

James Emejo in Abuja

 The Central Bank of Nigeria (CBN) yesterday announced the unveiling of a new online platform for the submission of Microfinance Bank (MFB) licence applications, known as the CBN Licencing, Approval and Other Requests Portal (CBN LARP).

The platform effectively replaces the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN.

In a statement, CBN Director, Corporate Communications, Dr. Isa AbdulMumin, noted that in due course, the bank would also move other categories of licences to the online platform.

He said effective from September 25, 2023, MFB licence applicants would be required to submit both hardcopy and online applications via the CBN LARP as part of a parallel run that seeks to reduce paperwork and expedite licence approvals among others.

He said the online application system offers numerous benefits, including a simplified process, time-saving, enhanced communication, and robust security measures.

AbdulMumin, stressed that by digitising the application process, the central bank aims to improve accessibility, reduce paperwork, and expedite licence approvals thus benefiting both applicants and the economy.

The CBN further stressed that the cover letter submitting the hardcopy application must also note a valid application reference from the online submission to be accepted.

According to the CBN director, the parallel run would end on December 31, 2023, after which manual submissions of hardcopy MFB licence applications will no longer be required and accepted.

He said, “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.

“Applicants may contact the dedicated helpdesk via email at cbnlarp-helpdesk@cbn.gov.ng for further information.”

The CBN however, pointed out that it shall continue to accept manual applications for all other licence types until further notice.