CBN launches digital portal for microfinance bank

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CBN delays monetary policy committee meeting again amid inflation surge
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The Central Bank of Nigeria (CBN) has unveiled a digital platform, known as the “licensing, approval, and other requests portal (CBN LARP),” for the submission of microfinance bank (MFB) license applications.

According to a statement signed by Isa AbdulMumin, CBN’s director of corporate communications, this initiative aims to streamline the application process for microfinance bank licenses by allowing online submissions, gradually phasing out the manual submission process.

CBN launches online platform for streamlined microfinance bank

This digital platform is expected to simplify the application process, reduce paperwork, enhance security measures, improve accessibility, and expedite license approvals. Beginning September 25, 2023, applicants for MFB licenses are required to submit applications both in hardcopy and online through the CBN LARP portal.

The hardcopy application must reference the online submission to be accepted.

Prospective applicants can access the platform at www.larp.cbn.gov.ng and will find helpful guidance and a user guide to navigate the new system.

They can reach out to the dedicated helpdesk via email at cbnlarp-helpdesk@cbn.gov.ng for further assistance.

The CBN has set December 31, 2023, as the deadline for the manual submission of hardcopy applications and plans to extend this digital platform to other license categories in the future.