CBN Unveils New Online Submission of MFBs License Application

CBN Unveils New Online Submission of MFBs License Application

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The Central Bank of Nigeria, CBN, has unveiled a new online platform for the submission of Microfinance Banks (MfBs) license applications, also known as the CBN Licensing, Approval, and Other Requests Portal (CBN LARP).

NewsReport Nigeria report that according to the regulator, the new platform, which would replace the current manual process, was created to improve accessibility, reduce paperwork, and expedite license approvals,benefiting both applicants and the economy.

CBN made the announcement yesterday in a statement signed by its Director of Corporate Communication, Dr. Isa AbdulMumin.

The apex bank said: “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of MFB license applications, known as the CBN Licensing, Approval, and Other Requests Portal (CBN LARP).

“The new online platform will eventually replace the current manual process wherein prospective applicants for MFB licenses physically submit their applications to the CBN.

CBN Unveils New Online Submission of MFBs License Application

“In due course, the bank will extend the platform to other categories of licenses.

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.

“The parallel run will end on December 31, 2023. Thereafter, manual submissions of hardcopy MFB license applications will no longer be required or 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. Applicants may contact the dedicated helpdesk via email at [email protected] for further information.