An online platform dedicated for the submission of applications for microfinance bank (MFB) licences has been launched, the Central Bank of Nigeria (CBN) announced on Wednesday in Abuja.
The Director, Corporate Communications of the CBN, Isa AbdulMumin, said the new platform known as CBN Licensing, Approval and Other Requests Portal (CBN LARP) would eventually replace the current manual process used by prospective applicants for MFB
licences to physically submit their applications to the CBN.
AbdulMumin said in due course, the apex Bank would extend
the use of the platform to other categories of licences applicants.
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,” AbdulMumin said.
Consequently, he announced that with effect from September 25, 2023, MFB licence applicants would be required
to submit both hardcopy and online applications for various services through the CBN LARP as part of a parallel run established to promote smooth operations.
The cover letter submitting the hardcopy application, the CBN spokesperson explained, must also note a valid application
reference from the online submission to be accepted.
He said the parallel run would end on December 31, 2023, after which the manual submissions of
hardcopy MFB licence applications would 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.
“A user guide can also be downloaded from the platform, while applicants may contact the dedicated helpdesk via email at cbnlarp-helpdesk@cbn.gov.ng
for further information.
Meanwhile, the Bank shall continue to accept manual applications for all other licence types until further notice,” .AbdulMumin said.
