The Central Bank of Nigeria (CBN) has unveiled a new online platform for submission of microfinance bank (MFB) licence applications.

The platform is known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP).

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 a statement, the bank said it would extend the platform to other categories of licences.

It said the online application system would offer numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures.

The bank said by digitising the application process, it aimed to improve accessibility, reduce paperwork, and expedite licence approvals for the benefit of both applicants and the economy.

Consequently, with effect from Sept. 25, 2023, MFB licence applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run.

The cover letter submitting the hardcopy application must also note a valid application reference from the online submission to be accepted.

The CBN said the parallel run would end on Dec. 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.

Applicants may contact the dedicated helpdesk via email at cbnlarp-helpdesk@cbn.gov.ng for further information.

The CBN said it would, meanwhile, continue to accept manual applications for all other licence types until further notice.