CBN launches online platform for licensing MFBs
By Patience Ikpeme
A new online platform called the CBN Licensing, Approval, and Other Requests Portal (CBN LARP) has been launched by the Central Bank of Nigeria (CBN).
The purpose of this platform is to facilitate the submission of license applications for microfinance banks (MFBs).
The statement, signed by Dr. Isa AbdulMumin, the Director of Corporate Communications, said that the CBN LARP is intended to replace the manual process that was previously used for submitting MFB license applications.
This digital platform aims to streamline and simplify the application procedure by allowing applicants to submit their applications online.
With the introduction of the CBN LARP, the CBN Dr. Isa AbdulMumin said aims to modernize and digitize its licensing process, making it more convenient and accessible for MFBs seeking licenses.
This transition from a manual to an online system is expected to enhance efficiency and provide a more user-friendly experience for applicants.
The benefits of this new online system the CBN said are enhanced communication, time savings, simplified process, and robust security measures.
Starting from September 25, 2023, MFB license applicants are required to submit both hard copy and online applications in a parallel run. This means that applicants need to submit their applications both physically (hard copy) and online. This parallel run allows for a transition period where both methods of application submission are accepted.
However, from December 31, 2023, manual submissions of hardcopy MFB license applications will no longer be required.
Dr. Isa AbdulMumin advised prospective MFB applicants to visit the website www.larp.cbn.gov.ng in order to submit their respective MFB license applications. This website is the designated platform for submitting the applications online. In addition, “Help and detailed guidance are available within CBN LARP to assist users in navigating the new platform” he pointed out.
A user guide can also be downloaded from the platform. The CBN he said will continue to accept manual applications for all other license types until further notice.
