CBN Digitises Licensing Application And Approval For Microfinance Banks

Posted by African Examiner Business News, Latest Headlines Thursday, September 21st, 2023

(AFRICAN EXAMINER) – The CBN on Wednesday in Abuja unveiled a new online platform for the submission of license applications by microfinance banks.

Its Director, Corporate Communications, Mr Isa AbdulMumin, said the platform, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP), would be the place to process applications.

AbdulMumin said the portal replaced the current manual process where applicants for microfinance banks’ licenses submitted applications to the CBN physically.

He said the new portal would improve accessibility, reduce paperwork, and expedite license approvals.

“In due course, the CBN will extend the platform to other categories of licenses.

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

“By digitizing the application process, the CBN aims to improve accessibility, reduce paperwork, and expedite

license approvals, benefiting both applicants and the economy.

“Consequently, with effect from Sept. 25, microfinance bank license applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run,’’ he said.

He added that the parallel run would end on Dec. 31, after which the manual submission of hardcopy bank licence applications would no longer be required and accepted.

“From Sept. 25, prospective microfinance bank applicants are urged to log on to www.larp.cbn.gov.ng to submit their applications,’’ AbdulMumin stressed.