The Central Bank of Nigeria (CBN) has announced the unveiling of a new online
platform for submission of microfinance bank (MFB) licence applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).
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, while the parallel run will end on December 31, 2023, thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted.
The new online platform will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN.
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.
Dr. Isa AbdulMumin Director, Corporate Communications, CBN, who discloses this in a statement on Wednesday said in due course, the Bank will extend the platform to other categories of licences.
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.
The cover letter submitting the hardcopy application must also note a valid application
reference from the online submission to be accepted.
The CBN said, “The parallel run will end on December 31, 2023, thereafter, manual submissions of hardcopy MFB licence applications will 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.
“Applicants may contact the dedicated helpdesk via email at [email protected]
for further information. Meanwhile, please note that the Bank shall continue to accept manual applications for all other licence types until further notice”.
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