CBN launches e-platform for licensing MfBs

CBN launches e-platform for licensing MfBs

Central Bank of Nigeria (CBN) has unveiled a new online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) for the submission of microfinance bank (MfB) licence applications.

In a statement, CBN’s Director of Corporate Communications,Dr. Isa AbdulMumin,   yesterday said the platform is designed to replace 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 to submit their MfB licence applications”.

The CBN he said will continue to accept manual applications for all other license types until further notice.