The Central Bank of Nigeria (CBN) has introduced a cutting-edge online platform known as the CBN Licensing, Approval, and Other Requests Portal (CBN LARP) to streamline the submission process for microfinance bank (MfB) license applications.
In an official announcement, Dr. Isa AbdulMumin, the Director of Corporate Communications at CBN, revealed that this platform has been specifically designed to replace the traditional manual application process.
The implementation of CBN LARP promises a host of advantages, including improved communication channels, time efficiency, a simplified application process, and robust security measures.
Starting from September 25th, prospective MfB license applicants will be required to submit both hard copy and online applications simultaneously as part of a parallel run.
However, it’s noteworthy that as of December 31st, the manual submission of hardcopy MFB license applications will be phased out entirely. AbdulMumin emphasized that individuals interested in applying for MfB licenses should access the portal at www.larp.cbn.gov.ng to initiate their applications promptly.
CBN remains committed to accepting manual applications for all other types of licenses until further notice.
