CBN Unveils Microfinance Bank (MFB) Application Portal (Apply Now)

Mubashir Shehu

1 year ago

In a significant move towards modernization and efficiency, the Central Bank of Nigeria (CBN) has introduced the CBN Licensing, Approval and Other Requests Portal (CBN LARP), a revolutionary online platform for microfinance bank (MFB) license applications. This initiative marks a pivotal shift away from the traditional manual submission process, offering applicants a streamlined, digital route to acquiring licenses and ushering in a new era of convenience and accessibility.

The CBN LARP online application system promises a multitude of advantages, including a simplified process, time savings, enhanced communication channels, and robust security measures. By embracing digitalization, the CBN aims to not only reduce paperwork but also expedite license approvals, ultimately benefiting both applicants and the broader economy.

Commencing on September 25, 2023, MFB license applicants are required to initiate a parallel run by submitting both hardcopy and online applications through the CBN LARP platform. To ensure the completeness of the hardcopy submission, a valid application reference from the online submission must be included in the cover letter.

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This parallel run period is set to conclude on December 31, 2023, after which manual submissions of hardcopy MFB license applications will no longer be accepted. Hence, prospective MFB applicants are urged to seize this opportunity and access the CBN LARP portal at www.larp.cbn.gov.ng to submit their applications. For additional guidance and assistance, users can find comprehensive resources within the CBN LARP platform, including a downloadable user guide.

For inquiries and further information, applicants can reach out to the dedicated helpdesk via email at cbnlarp-helpdesk@cbn.gov.ng.

It is important to note that while the CBN embraces digitalization for MFB license applications, manual applications for other license types will continue to be accepted until further notice. This transformation reflects the CBN’s commitment to fostering efficiency, accessibility, and innovation in the financial sector, ultimately driving economic growth and development.

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