The CBN Licensing, Approval and Other Requests Portal (CBN LARP) is a new online platform that the Central Bank of Nigeria (CBN) has launched for the submission of microfinance bank (MFB) licence applications.
Isa AbdulMumin, the CBN’s Director of Corporate Communications, revealed this in Abuja yesterday.
According to him, the manual application method for MFB licenses, in which potential candidates physically present their applications to the CBN, will eventually be replaced by the new online platform.
He also said that other license categories would eventually be added to the platform by the apex bank.
Numerous advantages come with the online application system, such as improved communication, time savings, streamlined procedures, and strong security measures.
According to him, the bank hopes to boost accessibility, cut down on paperwork, and speed up license approvals by digitizing the application process. This will help both applicants and the economy.
As a result, starting on September 25, 2023, applicants for MFB licenses must submit their applications online and in hard copy through the CBN LARP in concurrently. For the hardcopy application to be accepted, the cover letter mentioning the online application must also contain a legitimate application reference.
Dec. 31, 2023, is when the parallel run will go to an end. After that, paper MFB license applications submitted manually will no longer be needed or accepted.
In order to submit their applications for MFB licenses, potential MFB applicants are advised to visit www.larp.cbn.gov.ng starting on September 25, 2023. Users can find assistance and comprehensive instructions for utilizing the new platform within CBN LARP. You can obtain a user manual from the platform as well.
For more information, applicants should email the specialized helpdesk at cbnlarp-helpdesk@cbn.gov.ng.
He further noted that the apex bank will continue to accept manual applications for all other licence types till further notice.
