MPC meeting, Microfinance banks, Forex, CBN

The Central Bank of Nigeria (CBN) has unveiled a new online platform for the submission licence applications by microfinance banks in the country.

The CBN Director, Corporate Communications, Isa AbdulMumin, who made this known on Wednesday, September 20, 2023, said the platform, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP), would be the place to process applications.

AbdulMumin stated that the portal replaced the current manual process where applicants for microfinance banks’ licences submitted applications to the CBN physically.

He said the new portal would improve accessibility, reduce paperwork, and expedite licence approvals.

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The apex bank spokesperson noted: “In due course, the CBN will extend the platform to other categories of licences.

“The online application system offers numerous benefits, including a simplified process, time-saving, enhanced communication, and robust security measures.

“By digitising the application process, the CBN aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.

“Consequently, with effect from September 25, microfinance bank licence applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run.”

AbdulMumin added that the parallel run would end on December 31, 2023, after which the manual submission of hardcopy bank licence applications would no longer be required and accepted.

“From September 25, prospective microfinance bank applicants are urged to log on to to submit their applications,” the CBN official stated.

The Star



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