The Central Bank of Nigeria (CBN) has launched a new online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) for the submission of microfinance bank (MFB) license applications.
A statement by CBN Director of Corporate Communication Dr. Isa AbdulMumin said the new platform is designed to replace the existing manual process, making it easier for applicants to submit their applications online.
The benefits of the new system include enhanced communication, time savings, simplified process, and robust security measures.
From September 25, 2023, MFB license applicants must submit both hard copy and online applications in a parallel run, and from December 31, 2023, manual submissions of hardcopy MFB license applications will no longer be required.
AbdulMumin noted that prospective MFB applicants “to log on to www.larp.cbn.gov.ng to submit their respective MFB license applications”.
The CBN, he said, will continue to accept manual applications for all other license types until further notice.