The world is embracing digital transformation, and the Central Bank of Nigeria (CBN) is no exception.
On September 20, 2023, the CBN introduced an online platform for applying for Microfinance bank licenses, known as the CBN Licensing Approval and Other Request Portal (CBNLARP).
This portal is designed to replace the traditional manual application process, where applicants submit physical documents.
Here are some advantages of this new system:
Simplified application process.
Time-saving.
Accessibility.
Enhanced document security.
Most importantly, a significant reduction in paperwork.
Since September 25, 2023, applicants for Microfinance bank licenses are now required to submit applications both electronically and in hardcopy through the CBNLARP.
The manual application will continue to be available alongside the online submission to allow people to adjust accordingly.
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