The long wait is over! The Central Bank of Nigeria (“CBN”) has announced, in its Press Release of 20th September 2023, the unveiling of a new digital platform for submission of microfinance bank (“MFB”) licence applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP). The CBN is the regulator of the financial sector in Nigeria and is vested by law with the power to licence, supervise and regulate all deposit-taking and some non-deposit taking financial institutions in the country.
SEE ALSO:
According to the apex bank, the new online platform (i.e. the CBN LARP) will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN. The Bank has also assured the investing public of its intention to extend the digital platform to other categories of licences such as payment licences (you can read more in our previous articles on PSSP licence, PTSP licence, IMTO licence, MMO licence, Super Agent licence, Payment Service Bank licence, etc.)
The CBN’s digital application system will yield numerous benefits, including a simplified process, time savings, and enhanced communication. Although, with effect from September 25, 2023, MFB licence applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run, it is our hope that the online process will be beneficial to the investing public through improved accessibility, reduction in paperwork after 31st of December 2023 (when the CBN will stop accepting paper applications), and expedite licence approvals.
YOU CAN READ ALSO:
