Business
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.
-
Featured6 days agoOsun 2026: What the battle could signal for 2027 general elections
-
Business1 week agoOPay transactions surge 115% to $358bn as Fintech eyes $4bn US IPO
-
Business1 week agoWho is really benefiting from Nigeria’s economic reforms?
-
Featured6 days agoOsun Election: How poverty turns ₦20,000 into a powerful vote-buying tool
-
Latest6 days agoCoca-Cola faces backlash over alleged AI filter blocking Christian messages
-
Business1 week agoDeep offshore tax order to unlock $50bn investment, boost oil output–Ojulari
-
Business1 week agoPound climbs to N1,837 as Naira holds steady amid stronger FX market liquidity
-
Latest6 days agoOsun poll: Chaos in Ejigbo as voters, INEC officials run for safety