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The Central Bank of Nigeria (CBN) has introduced a new online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) for the submission of Microfinance Banks (MfBs) license applications.
This new platform aims to improve accessibility, reduce paperwork, and expedite license approvals, benefiting both applicants and the economy.
The CBN plans to eventually extend the platform to other categories of licenses. Starting from September 25, 2023, MfB license applicants are required to submit both hardcopy and online applications as part of a parallel run.
The parallel run will end on December 31, 2023, after which manual submissions of hardcopy applications will no longer be accepted.
Prospective MfB applicants are urged to visit the CBN LARP website to submit their license applications and can find help and guidance within the platform.
