CBN Introduces Online Platform For Microfinance Banks License Applications

The Central Bank of Nigeria has launched an online platform for the submission of Microfinance Bank license applications.

The new platform, named the “CBN Licensing, Approval, and Other Requests Portal”, will replace the traditional manual process through which prospective MFB license applicants previously submitted their applications to the CBN.

This was disclosed in a statement signed by the Director, of Corporate Communications, Isa AbdulMumin, on the website of the apex bank.

“The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures. By digitizing the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite license approvals, benefiting both applicants and the economy.

“Consequently, with effect from September 25, 2023, MFB license 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 license 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 license types until further notice,” it partly read.