CBN launches Electronic Platform for licensing MfBs
(Business Africa Digest)
The Central Bank of Nigeria (CBN) has unveiled an new electronic platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) for the submission of microfinance bank (MfB) licence applications.
CBN’s Director of Corporate Communications,Dr. Isa AbdulMumin, in a. Statement Wednesday said the platform will do away with the manual process.
The benefits of the new system include enhanced communication, time savings, simplified process, and robust security measures.
From September 25, MfB licence applicants must submit both hard copy and online applications in a parallel run, and from December 31, manual submissions of hardcopy MFB licence applications will no longer be required, AbdulMumin said, adding that prospective MfB applicants should “log on to www.larp.cbn.gov.ng to submit their MfB licence applications”.
The apex bank said it will continue to accept manual applications for all other license types until further notice.
