The Central Bank of Nigeria (CBN) has further improved on its digitization transformation with the launching of a new online platform for the submission of microfinance bank (MFB) license applications.
The new platform known as CBN Licensing, Approval and Other Requests Portal (CBN LARP) replaces the analogue and cumbersome manual process which previous prospective applicants for MFB licenses have been physically submitting their applications to the CBN.
The Bank also noted that it would extend the platform to other categories of license.
The CBN further disclosed that the new LARP platform would help simplify the process by which Microfinance Banks get their licensing.
The Bank also set a deadline for the implementation of this new platform.
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.
The CBN also noted that it would continue to accept manual applications for all other licenser types until further notice.