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Monday, 25 September 2023 13:10

MICROFINANCE BANK LICENSES MADE EASY BY CBN

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Social media accounts of bank clients Through Elizabeth Adegbesan The CBN Licensing, Approval and Other Requests Portal (CBN LARP) is a new online portal that the Central Bank of Nigeria, CBN, has launched for the filing of Microfinance Banks (MfBs) licensing applications. The new platform, which would replace the present manual procedure, was developed to increase accessibility, lessen paperwork, and speed up license applications, helping both applicants and the economy, the regulator claims.

CBN

The news was released by CBN yesterday in a statement authored by Dr. Isa AbdulMumin, director of corporate communication. The Central Bank of Nigeria (CBN) is happy to announce the launch of a new online platform for submitting MFB license applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP), according to a statement from the central bank.

The existing manual procedure, in which potential MFB license applicants physically submit their applications to the CBN, would eventually be replaced by the new online platform. The Bank will eventually expand the platform to include other license categories. Numerous advantages come with the online application system, such as a streamlined procedure, time savings, improved communication, and strong security measures.

The Bank states that by digitizing the application process, it hopes to increase accessibility, cut down on paperwork, and speed up the acceptance of licenses, which will help both applicants and the economy. As a result, starting on September 25, 2023, those applying for MFB licenses must submit both hardcopy and online applications (through the CBN LARP) in a parallel process. In order for the hardcopy application to be approved, the cover letter must also include a valid application reference from the online submission

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