The Central Bank of Nigeria (CBN) has introduced an online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) for microfinance bank (MFB) license applications. This new digital platform will replace the previous manual submission process for MFB license applications. The CBN also plans to extend this platform to cover other categories of licenses.
The introduction of CBN LARP aims to simplify the licensing process for microfinance banks, reduce paperwork, and expedite license approvals. It offers several benefits, including a streamlined process, time savings, enhanced communication, and robust security measures.
Starting from September 25, 2023, MFB license applicants are required to submit both hardcopy and online applications as part of a parallel run. The cover letter for the hardcopy application must reference the online submission. This parallel run will continue until December 31, 2023, after which manual submissions of hardcopy MFB license applications will no longer be accepted.
The CBN emphasized that it will still accept manual applications for other types of licenses until further notice.
This move towards digitization and online application processes is expected to make the licensing process more efficient and accessible for prospective microfinance banks, reduce paperwork, and enhance the overall ease of doing business in the country.
