'Apply from home' - CBN unveils new website to apply for microfinance bank license easily

The Central Bank of Nigeria (CBN) has launched a new online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP), which simplifies applying for a microfinance bank (MFB) license.

The new platform was disclosed in a statement signed by Isa Abudulmumin, CBN's director of corporate communications, titled CBN unveils Licensing, Approvals, and Other Requests Portal (LARP).

Abudulmumin noted that the new online platform will eventually replace the current manual process of physically submitting applications at the CBN office for an MFB license.

CBN director added that the CBN will extend the platform to other categories of licenses, Punch reports.

The latest development means that Nigerians looking to own a microfinance bank can now apply from home.

CBN statement reads:

“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."

The CBN Spokesman also said that the parallel run will end on December 31, 2023, and thereafter, manual submissions of hardcopy MFB licence applications will no longer be required and accepted.

He added that the apex bank would continue to accept manual applications for all other licence types until further notice.

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.

Abdulmumin words:

"Help and detailed guidance is available within CBN LARP to assist users in navigating the new platform."