CBN unveils online platform to expedite microfinance bank licence applications

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

The platform is called the ‘licencing, approval, and other requests portal (CBN LARP)’.

This was disclosed in a statement on Wednesday, signed by Isa AbdulMumin, CBN’s director of corporate communications.

The CBN said applications for microfinance bank licences can now be submitted online, as it gradually replaces the manual submission processes.

The financial regulator said it would simplify the process of tendering applications, save applicants time, improve security measures and accessibility, reduce paperwork, and expedite licence approvals.

“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,” CBN said.

“The cover letter submitting the hardcopy application must also note a valid application reference from the online submission to be accepted.”

The apex bank told prospective applicants that they should “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,” the regulator added.

“Applicants may contact the dedicated helpdesk via email at [email protected] for further information.”

The CBN noted that manual submission of hardcopy will end on December 31, 2023, adding that the platform would be extended to other categories of licences in due time.