The Central Bank of Nigeria has highlighted the benefits inherent in its recently unveiled online platform known as Licencing, Approval and Other Request Portal (LARP).
The apex bank launched the portal for the submission of microfinance banks license applications to ease the process.
According to the statement issued by the CBN Director of Corporate Communication, Isa AbdulMumin, the new online platform is expected to replace the current manual process which will allow prospective MFB licence applicants to submit their applications physically.
Highlighting some of the benefits of the online application system, AbdulMumin who revealed that the platform will soon be extended to other categories of licences cited simplified process, time savings, enhancement of communication and robust security measures among others as part of what applicants should expect.
“By digitising the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.
“Consequently, effective September 25, 2023, MFB licence applicants must submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run. The cover letter submitting the hardcopy application must also note a valid application reference from the online submission to be accepted.
“The parallel run will end on December 31, 2023, after which manual submissions of hardcopy MFB licence applications will no longer be required and accepted.
“From September 25, 2023, prospective MFB applicants are urged to log on to www.larp.cbn.gov.ng to submit their respective MFB licence applications. Help and detailed guidance are available within CBN
“LARP to assist users in navigating the new platform. A user guide can also be downloaded from the platform,” the statement read.