The Central Bank of Nigeria has launched an online platform called the CBN Licensing, Approval, and Other Requests Portal to simplify the process of applying for microfinance bank licenses.

This new platform is designed to eventually replace the old manual application process.

It allows individuals and organizations interested in obtaining MFB licenses to submit their applications online, streamlining the procedure and bringing several benefits, including time savings, improved communication, and robust security measures.

Isa AbdulMumin, CBN’s Director of Corporate Communications, emphasized the advantages of digitizing the application process:

“By digitizing the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite license approvals, benefiting both applicants and the economy.”

Starting from September 25, 2023, MFB license applicants must submit applications through both the new online platform and the traditional hardcopy method (parallel run).

The hardcopy application must include a valid reference from the online submission to be accepted.

This parallel run will conclude on December 31, 2023, after which manual submissions for MFB license applications will no longer be accepted.

Applicants can access the online platform at www.larp.cbn.gov.ng and find guidance within CBN LARP to assist them in navigating the new system. A user guide is also available for download on the platform.

For further assistance and information, applicants can contact the dedicated helpdesk at [email protected].

It’s important to note that the CBN will continue to accept manual applications for all other types of licenses until further notice.