CBN Launch Portal For Submission Of MfBs License Application

September 21, 2023

It really looks like things are gradually changing at the Central Bank of Nigeria (CBN).

In case you didn’t know, the CBN launched a portal for Micro finance bank to submit their license applications as against the usual manual method.

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The simple things that are easily achieved in other climes are still a difficult task for us in this part of the world, especially in Nigeria.

So it may not be totally out of place to say like Celine Dion that “a new day has come” to the Central Bank of Nigeria (CBN).

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CBN Goes Digital

For easy submission and processing of Microfinance Banks (MfBs) license application, the CBN, is going fully Y2K complaint, as we used to say back in the days.

The CBN launched the portal also known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).

It is believed that the portal was created to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.

The portal will now replace the current manual process of license submission.

CBN’s Director Corporate Communication, Dr. Isa AbdulMumin, made the announcement yesterday.

He said: “The CBN is pleased to announce the unveiling of a new online platform for submission of MFB licence applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).

“The 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.

Other Important Uses Of LARP

“The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.

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“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.

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“The parallel run will end on December 31, 2023. Thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted.

From September 25, 2023, prospective MFB applicants are urged to log on to www.larp.cbn.gov.ng to submit their respective MFB licence applications.

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Help and detailed guidance are available within CBN LARP to assist users in navigating the new platform.