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 bank (MFB) license applications.
The move replaces the traditional manual application submission process. The CBN plans to extend the platform to other types of licenses as well.
CBN says it is meant to simplify the licensing process for Microfinance Banks through the new LARP platform.
The digital platform is expected to streamline and expedite the application and approval process.
An excerpt from the press release is given below:
The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.
By digitizing the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite license approvals, benefiting both applicants and the economy.
Consequently, with effect from September 25, 2023, MFB license 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.
The parallel run will end on December 31, 2023. Thereafter, manual submissions of hardcopy MFB licenser applications will no longer be required and accepted.
In addition to this development, President Bola Tinubu recently nominated Dr. Olayemi Michael Cardoso for the role of Governor of the Central Bank of Nigeria.
The appointment, which spans five years, is subject to approval by the Nigerian Senate as per the Central Bank of Nigeria Act, 2007.
CBN is taking significant steps toward modernizing its processes and embracing digital innovation in the financial sector.