- The Central Bank of Nigeria (CBN) has launched a platform to allow Nigerians to apply for a microfinance banking license
- The platform called CBN LARP was created to streamline the process of getting approval
- There are currently over 700 approved licensed microfinance banks operating across the country
The Central Bank of Nigeria (CBN) has launched a new online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP).
The platform serves to simplify applying for a microfinance bank (MFB) license
CBN LARP was made public in a statement signed by Isa Abudulmumin, CBN's director of corporate communications, titled CBN Unveils Licensing, Approvals, and Other Requests Portal (LARP).
CBN LARP to replace manual process
Abudulmumin noted that the new online platform would eventually replace the current manual process of physically submitting applications at the CBN office for an MFB license.
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The CBN director added that the apex bank would extend the platform to other categories of licenses, Punch reports.
CBN statement reads:
“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."
CBN to end manual application this year
The CBN Spokesman also said that the parallel run will end on December 31, 2023, and thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted.
He added that the apex bank would continue to accept manual applications for all other licence types until further notice.
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.
"Help and detailed guidance is available within CBN LARP to assist users in navigating the new platform."
CBN announces dollar to naira price verification portal
Meanwhile, in another report, it was revealed that the Central Bank of Nigeria introduced a new portal that would put an end to malpractices in the foreign exchange market.
The portal was set to go live by the end of August 2023.
The analyst who spoke to Legit.ng explained that the portal could be a game-changer if done correctly.