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The Central Bank of Nigeria (CBN) has introduced a new online platform for the submission of license applications by microfinance banks, marking a significant step in modernizing and streamlining the application process. This online portal, known as the CBN Licensing, Approval, and Other Requests Portal (CBN LARP), will serve as the primary platform for processing license applications.
In its ongoing efforts to enhance operational efficiency within the financial sector, the regulatory authority for financial institutions in Nigeria has decided to digitize the procedures for obtaining licenses to operate microfinance banks. This forward-looking initiative is expected to eliminate bottlenecks and accelerate the pace of conducting business, a development welcomed by industry experts.
Mr. Isa AbdulMumin, the Director of Corporate Communications at CBN, explained that the CBN LARP replaces the previous manual process, where applicants for microfinance bank licenses had to physically submit their applications to the CBN. He emphasized that the new online portal would enhance accessibility, reduce paperwork, and expedite the approval of licenses.
AbdulMumin highlighted the advantages of the online application system, which include a simplified process, time savings, improved communication, and robust security measures. By transitioning to a digital application process, the CBN aims to enhance accessibility, reduce administrative burdens, and accelerate license approvals, benefiting both applicants and the overall economy.
Starting from September 25, microfinance bank license applicants are required to submit both hardcopy and online applications through the CBN LARP as part of a parallel run. This parallel run period will conclude on December 31, after which the manual submission of hardcopy license applications for banks will no longer be accepted.
AbdulMumin urged prospective microfinance bank applicants to visit www.larp.cbn.gov.ng from September 25 onwards to submit their applications through the new online platform, marking a significant milestone in the modernization of licensing processes in the Nigerian financial sector.
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