The Central Bank of Nigeria has introduced a new online platform for the submission of microfinance bank licence applications.

According to a statement on Wednesday by the bank’s Director, Corporate Communications, Isa AbdulMumin, the platform is known as the CBN Licensing, Approval and other Requests Portal or CBN LARP.

The statement added, “The new online platform will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN. In due course, the Bank will extend the platform to other categories of licences.

“The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures. By digitising the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.”

It was also stated that MFB licence applicants were required to submit both hardcopy and online applications (via the CBN LARP) from September 25, 2023.

The statement also noted that manual application would end by December 31, 2023.

It read, “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 licence applications will no longer be required and accepted.

“From September 25, 2023, prospective MFB applicants are urged to log on to www.larp.cbn.gov.ng to submit their respective MFB licence applications. Help and detailed guidance are available within CBN LARP to assist users in navigating the new platform. A user guide can also be downloaded from the platform.”

It was further noted that the apex bank would continue to accept manual applications for all other licence types until further notice.

Earlier in May, the CBN revoked the licences of 179 microfinance banks in the country, as well as four primary mortgage banks and three finance companies.