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.
Business2 days agoOn The Central Bank Of Nigeria’s Circular Relating To The Collection And Remittance Of The National Cybersecurity Levy
Latest1 week agoObi advocates productivity, leadership commitment as invaluable insights for nation’s growth, as in Brampton, Canada
News7 days agoOrganisers announce date for inaugural Yoruba World Heritage Cultural Festival in Canada
Politics1 day agoReactions as Tinubu appoints Emeka Woke, CEO, Ogun-Osun River Basin Dev Authority, after resignation from Fubara’s cabinet in Rivers
Latest5 days agoWike Vs Gov Fubara: Again Rivers State and The ‘Familiar Spirit’ Tussle
Business5 days agoTransition Train, partners Patrick Ogunjobi & Co, forges path to financial freedom for Nigerians
- Business3 days ago
CBN directs banks to suspend charges on deposits
Business3 days agoNaira depreciate further at official, parallel markets