The Central Bank of Nigeria (CBN) has announced the launch of an online platform for submitting Microfinance Bank (MFB) licence applications.
The platform, called the “CBN Licensing, Approval and Other Requests Portal”, is designed to simplify and expedite the application process for prospective MFB licence applicants.
The CBN’s Director of Corporate Communications, Isa AbdulMumin, disclosed this on Wednesday in a statement on the CBN’s website. He said that the online platform will replace the traditional manual process, which involved submitting hardcopy applications to the CBN.
According to him, the online platform offers numerous benefits, such as a simplified process, time savings, enhanced communication, and robust security measures. He said that by digitising the application process, the CBN aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.
He also said that from September 25, 2023, MFB licence applicants must submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run.
He added that the cover letter submitting the hardcopy application must also note a valid application reference from the online submission to be accepted.
He further said that the CBN will continue to accept manual applications for all other licence types until further notice.
Newsflash Nigeria recalls that as of June 30, 2021, the CBN had 876 licensed MFBs in Nigeria. MFBs are financial institutions that provide microcredit and other financial services to low-income households and small businesses.