CBN creates online platform for MFB licence applications

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

The CBN’s Director of Corporate Communications, Isa AbdulMumin, who disclosed this in a statement on Wednesday in Abuja, said the platform, the Licensing, Approval and Other Requests Portal (LARP), would be operational from September 25.

He said the platform was created to migrate manual submission of MFB licence applications as the apex bank prepares to halt the physical process by the end of this year.

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

READ ALSO: CBN warns IMTO’s against selling forex above ‘approved’ exchange rates pricing limit

“The new online platform will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN. In due course, the Bank will extend the platform to other categories of licences.

“The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.

“By digitising the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.”

According to AbdulMumin, applicants are required to submit both hard copy and online applications via the LARP as part of a parallel run starting from September 25.

The spokesman added that a cover letter submitting the hard copy 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 hard copy MFB licence applications will no longer be required and accepted,” the statement added.