CBN unveils licensing, approvals portal for microfinance banks

The Central Bank of Nigeria (CBN) yesterday announced 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).  In a statement signed by the Director, Corporate Communications of the CBN, Dr. Isa Abdulmumin, the new online platform will […]

The Central Bank of Nigeria (CBN) yesterday announced 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). 

In a statement signed by the Director, Corporate Communications of the CBN, Dr. Isa Abdulmumin, the new online platform will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN. 

“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.

“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. 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 licence applications will no longer be required and accepted,” the apex bank explained.

Dr. Abdulmumin however noted that the apex banks shall continue to accept manual applications for all other licence types until further notice.