The Central Bank of Nigeria (CBN) has unveiled a new online platform for the submission of microfinance bank (MFB) licence applications to ease the process.
Known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP), the new online platform will eventually replace the current manual process, allowing prospective MFB licence applicants to submit their applications physically. The platform is expected to be extended to other categories of licences in due course.
This is according to a statement sent out Wednesday by Isa AbdulMumin, the CBN Director of Corporate Communications.
The online application system has 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 stated.
Consequently, effective September 25, 2023, MFB licence applicants must 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.
The parallel run will end on December 31, 2023, after which manual submissions of hardcopy MFB licence applications will no longer be required and accepted.