CBN launches Licensing, Approval and Other Requests Portal (CBN LARP) for Microfinance banks
The Central Bank of Nigeria (CBN) has announced the launch of the CBN Licensing, Approval, and Other Requests Portal (CBN LARP), a new online platform for the filing of microfinance bank (MFB) licence applications. The new online platform will eventually replace the current manual method when prospective candidates for MFB licence physically submit their applications to the CBN. In due future, the Bank will expand the platform to include other types of licenses. The circular and press release can be found here
The online application system has various advantages, such as a streamlined process, time savings, improved communication, and robust security measures. The Bank intends to increase accessibility, decrease paperwork, and accelerate license approvals by digitizing the application process, which will benefit both applicants and the economy.
As a result, beginning September 25, 2023, MFB licence applicants must submit both hardcopy and online applications (through the CBN LARP) as part of a parallel run. To be accepted, the cover letter accompanying the hardcopy application must include a valid application reference from the online submission.
The parallel run is scheduled to terminate on December 31, 2023. Manual submissions of hardcopy MFB licence applications will no longer be necessary or accepted after that date. Prospective MFB applicants are encouraged to log on to www.larp.cbn.gov.ng beginning September 25, 2023, to submit their separate MFB licensing applications. To assist users in accessing the new platform, CBN LARP provides help and extensive advice. A user guide is also available for download on the platform.
For more information, applicants should email the dedicated helpdesk at [email protected].
Meanwhile, please keep in mind that the Bank will accept manual applications for all other licence categories until further notice.
