The Central Bank of Nigeria has made a platform available online for the submission of license requests for microfinance institutions.

The conventional manual procedure through which prospective MFB licence applicants previously submitted their applications to the CBN would be replaced by the new platform, known as the “CBN Licensing, Approval and Other Requests Portal”.

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This information was provided in a statement published on the apex bank’s website and seen by our correspondent to be signed by Isa AbdulMumin, director of corporate communications.

Numerous advantages of the online application system include a streamlined procedure, time savings, improved communication, and strong security measures. The Bank hopes to increase accessibility, decrease paperwork, and speed up license approvals by digitizing the application process, helping applicants as well as the economy. As a result, starting on September 25, 2023, those applying for MFB licences must conduct simultaneous applications in hard copy and online (through the CBN LARP). In order for the hardcopy application to be accepted, the cover letter must also include a valid application reference from the online submission.

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Prospective MFB applicants are invited to log on to starting on September 25, 2023, to submit their individual MFB licensing applications. Users can find assistance and thorough instructions within CBN LARP to help them navigate the new platform. You can obtain a user manual from the platform as well.

Meanwhile, until further notice, “please take note that the Bank shall continue to accept manual applications for all other licence types,”

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