CBN Digitises Licensing Application And Approval For Microfinance Banks

(AFRICAN EXAMINER) – The CBN on Wednesday in Abuja unveiled a new online platform for the submission of license applications by microfinance banks.

AbdulMumin said the portal replaced the current manual process where applicants for microfinance banks’ licenses submitted applications to the CBN physically.

Its Director, Corporate Communications, Mr Isa AbdulMumin, said the platform, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP), would be the place to process applications.

“By digitizing the application process, the CBN aims to improve accessibility, reduce paperwork, and expedite

“Consequently, with effect from Sept. 25, microfinance bank license applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run,’’ he said.

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