The Central Bank of Nigeria (CBN) has launched a new online portal named the CBN Licensing, Approval, and Other Requests Portal (LARP). This portal was specifically developed for the purpose of streamlining submissions of microfinance bank (MFB) licence applications.
Historically, these applications were handled manually, requiring prospective institutions to physically submit their documentation. This older method is being phased out in favour of the online CBN LARP system. The move to a digital platform brings with it a myriad of benefits including simplifying the application process, significant time savings for applicants, enhanced communication between the bank and the applicants, implementation of robust security measures to protect sensitive information, and a marked reduction in paperwork. All of these advantages collectively speed up the process of licence approvals.
To ensure a smooth transition, the bank has provided a transitional phase that commences on September 25, 2023, and concludes at the end of the year on December 31, 2023. During this period, MFB licence applicants are instructed to submit their applications in both hardcopy and online formats. It is crucial to highlight that the cover letter accompanying the physical application should carry a valid reference from its online counterpart.
After December 31, 2023, the bank will no longer accept manual MFB licence applications. For those looking to submit their applications, they should visit the portal at www.larp.cbn.gov.ng The website is designed to be user-friendly, but for individuals who require assistance, a comprehensive user guide can be downloaded from the platform. Any additional inquiries or concerns can be addressed by reaching out to the dedicated helpdesk at cbnlarp-helpdesk@cbn.gov.ng