- Users can find assistance and thorough instructions within CBN LARP to help them navigate the new platform.
- The Bank will continue accepting manual applications for all other license types until further notice.
The Central Bank of Nigeria has made a platform available online for the submission of licence requests for microfinance institutions.
The conventional manual procedure through which prospective MFB licence applicants previously submitted their applications to the CBN would be replaced by the new platform, known as the “CBN Licencing, Approval and Other Requests Portal”.
This information was provided in a statement published on the apex bank’s website, to be signed by Isa AbdulMumin, director of corporate communications.
“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.
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 are available within CBN LARP to assist users in navigating the new platform.
A user guide can also be downloaded from the platform.
“Meanwhile, please note that the Bank shall continue to accept manual applications for all other licence types until further notice,” it partly read.
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