CBN Begins Online License Application, Approval for MfBs
The Central Bank of Nigeria (CBN) has unveiled a new online platform for the submission of licence applications by microfinance banks. Its Director of Corporate Communications, Mr Isa AbdulMumin, said the platform, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP), would be the place to process applications.
The regulator of financial institutions in Nigeria’s efforts to improve its operational efficiency triggered the decision to digitise the processes of obtaining licenses to operate microfinance banks. The new move will eliminate bottlenecks and improve the speed of doing business, experts said.
According to AbdulMumin, the portal replaced the current manual process where applicants for microfinance banks’ licences submitted applications to the CBN physically. He said the new portal would improve accessibility, reduce paperwork, and expedite licence approvals.
“In due course, the CBN will extend the platform to other categories of licences. The online application system offers numerous benefits, including a simplified process, time-saving, enhanced communication, and robust security measures.
“By digitising the application process, the CBN aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.
“Consequently, with effect from Sept. 25, microfinance bank licence applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run,’’ he said.
He added that the parallel run would end on Dec. 31, after which the manual submission of hardcopy bank licence applications would no longer be required and accepted.
“From Sept. 25, prospective microfinance bank applicants are urged to log on to www.larp.cbn.gov.ng to submit their applications,’’ AbdulMumin stressed. #CBN Begins Online License Application, Approval for MfBs Naira Devaluation Deepens Economic Crisis in Nigeria