The Central Bank of Nigeria, CBN, has notified micro finance banks in the country that their licence registration will no longer be manual. Forthwith, the CBN said in a statement on Wednesday, the registration will now be done through an online portal opened for that purpose.
According to the Cardoso-led apex bank, the “CBN Licensing, Approval and Other Requests Portal”, has now replaced the manual registration process.
Close to 900 micro finance banks have so far been registered through the manual process as at 2021, according to The Source’s magazine checks.
The notice was contained in the statement signed by Isa AbdulMumini, CBN’s Director of Corporate Communications, Isa AbdulMumin, who urged prospective micro finance bank operators to visit its website, www.larp.cbn.gov.ng, to submit their respective MFB licence applications.
The statement said, “The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures. By digitising the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.
“Consequently, from 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.
“Meanwhile, please note that the bank shall continue to accept manual applications for all other licence types until further notice.”
