The Central Bank of Nigeria has launched a new online portal for the submission of license applications for microfinance banks.
According to The Times, an official press release states that the new CBN Licensing, Approval and Other Requests Portal would take the place of the manual method now used by prospective MFB license applicants to physically submit their applications to the CBN.
The apex bank added that it would expand the platform to include other license categories and that the new LARP platform will make it easier for microfinance banks to obtain their licenses.
Additionally, the central bank established a timeframe for the rollout of this new platform.
According to the release, “Numerous advantages come with the online application system, such as a streamlined procedure, time savings, improved communication, and strong security measures.
“The Bank wants to make the application process more accessible, cut down on paperwork, and speed up license approvals for the benefit of both applicants and the economy.”
As a result, starting on September 25, 2023, those applying for MFB licenses must conduct simultaneous applications in hard copy and online (through the CBN LARP).
In order for the hardcopy application to be accepted, the cover letter must also include a valid application reference from the online submission.
The parallel run will come to a close on December 31, 2023. Hardcopy MFB licenser applications submitted manually in the future won’t be necessary or accepted.
Additionally, CBN stated that up until further notice, it will still accept manual applications for all other licenser types.
President Bola Tinubu recently appointed Dr. Olayemi Michael Cardoso as Governor of the Central Bank of Nigeria.
According to Section 8 (1) of the Central Bank of Nigeria Act of 2007, this five-year appointment is contingent on the Nigerian Senate’s approval.
