The Central Bank of Nigeria (CBN) has introduced a new digital platform known as the CBN Licensing, Approval, and Other Requests Portal (CBN LARP) for the submission of applications for microfinance bank (MFB) licenses. According to a statement from Dr. Isa AbdulMumin, the Director of Corporate Communication at CBN, this innovative platform is designed to replace the traditional manual application process, simplifying the application procedure for interested parties.
The advantages of this new system encompass improved communication, time efficiency, a streamlined application process, and robust security measures. Beginning on September 25, 2023, individuals applying for MFB licenses are required to submit both hard copy and online applications simultaneously. However, it’s essential to note that as of December 31, 2023, the manual submission of hard copy MFB license applications will no longer be necessary.
AbdulMumin emphasized that prospective MFB applicants should visit www.larp.cbn.gov.ng to submit their respective MFB license applications. It’s worth mentioning that CBN will continue to accept manual applications for all other types of licenses until further notice.
