BREAKING: CBN Unveils New Online Platform For Microfinance License Application

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.

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.

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.