The Central Bank of Nigeria (CBN) has launched a new online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP). The platform serves to simplify applying for a microfinance bank (MFB) license. LEGIT NEWS reports.InformationGuideNigeria

CBN LARP was made public 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 would eventually replace the current manual process of physically submitting applications at the CBN office for an MFB license.JAMB Result

The CBN director added that the apex bank would 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.NYSC Portal

“By digitising the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.JAMB Portal

“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.”

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