Connect with us

Business

BREAKING: CBN Unveils New Online Platform For Microfinance License Application

The apex bank also noted that it would extend the platform to other categories of license.

Published

on

BREAKING: CBN Bars Foreign Oil Companies, Limits 100% Repatriation Of FX Proceeds
Central Bank of Nigeria (CBN) Building

The Central Bank of Nigeria (CBN) has unveiled a new online platform for the submission of microfinance bank (MFB) license applications.

VerseNews reports that according to an official press release, the new platform known as CBN Licensing, Approval and Other Requests Portal (CBN LARP) would be replacing the current manual process which previous prospective applicants for MFB licenses have been physically submitting their applications to the CBN.

The apex bank also noted that it would extend the platform to other categories of license.

Advertisement

What this means:

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.

Advertisement

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 licenser applications will no longer be required and accepted.

Advertisement

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

AtikuVN AtikuVN
Politics3 hours ago

Coalition: Atiku Finally Breaks Silence Amid Pressure to Step Down for Southern Candidate

Following the announcement of the coalition, speculations began circulating that some northern politicians ...

minimum age minimum age
Education4 hours ago

BREAKING: FG Sets New Minimum Age for University Admission

The Federal Government warned that any attempt by institutions to manipulate or falsify age records...

nigerian banks nigerian banks
Business5 hours ago

BREAKING: Nigerian Banks to Report Accounts With ₦5m Monthly Transactions

Nigerian Banks will now report or flag any personal or business account that processes a total of ₦5 million or...

muslims muslims
Lifestyle5 hours ago

Why Muslims Bury Their Dead Within 24 Hours

Why Do Muslims Bury Their Dead So Quickly? Understanding the Faith and Tradition Behind Immediate Burial

jamb candidates jamb candidates
Education5 hours ago

FULL LIST: JAMB Announces Top 10 2025 UTME Scorers

JAMB announces the top 10 candidates, along with their gender, state of origin, institution of choice, and course of choice

Nigerian International Passport Nigerian International Passport
News5 hours ago

FG Launches Special Passport Office for Senior Public Officials

Olubunmi Tunji-Ojo, said the newly launched facility was established to address the challenges public officials.

jamb cut of mark jamb cut of mark
Education20 hours ago

JAMB Sets 2025/2026 Admission Cut-Off Marks for Universities, Polytechnics and Colleges

The cut-off marks were approved during the 2025 JAMB Policy Meeting held in Abuja, which brought together key stakeholders.

asuu trike asuu trike
Education1 day ago

BREAKING: ASUU Declares Nationwide Strike

Already, ASUU branches at the University of Jos and the University of Abuja have commenced the strike action in compliance...

Double Taxation Agreement talks Double Taxation Agreement talks
Business1 day ago

Netherlands Begins Double Taxation Agreement Talks with Nigeria

The talks mark a significant step in Nigeria’s evolving international tax diplomacy and its effort to align with global fiscal...

David Mark Rauf Aregbesola ADC David Mark Rauf Aregbesola ADC
News1 day ago

Coalition: David Mark, Other ADC Interim Leaders Dragged to Court – DETAILLS

The lawsuit threatens the fragile unity of the opposition coalition, reportedly being driven by former Vice President Atiku Abubakar,

Advertisement