CBN Unveils LARP to Ease Microfinance Bank Licence Application

Image

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25.

The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin.

“The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said.

According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN.

In due course, it said, the bank will extend the platform to other categories of licences.

The development is happening about four months after the CBN revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.

The apex bank said from next Monday, MFB licence applicants are required to submit both hardcopy and online applications (via the CBN LARP) as part of a parallel run.

The notice said the cover letter submitting the hardcopy application must have a valid application reference number from the online submission for the application to be accepted.

According to the statement, the parallel run will end on December 31, and the manual submissions of hardcopy MFB licence applications will no longer be required and accepted.

“From September 25, 2023, prospective MFB applicants are urged to log on to www.larp.cbn.gov.ng to submit their respective MFB licence applications,” the CBN said.

The CBN noted that 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 CBN said the aim is to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.

The central bank also said help and detailed guidance are available within “CBN LARP” to assist users in navigating the new platform and that a user guide can also be downloaded from the platform.

“Applicants may contact the dedicated helpdesk via email at [email protected] for further information. Meanwhile, please note that the Bank shall continue to accept manual applications for all other licence types until further notice,” the statement said.

Share
Related Stories
Image
28-November-2023

Zenith Bank Lights Up Ajose Adeogun Street With Beautiful Decorations

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

Image
28-November-2023

Zenith Bank Seeks Operating Licence for Subsidiary in France

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

Image
25-November-2023

CBN Mulls Fresh Capitalisation for Nigerian Banks, Adopts Inflation Target Framework

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) would likely direct banks to increase their capital base in the coming months as part of a new policy push towards a $1 trillion Nigerian economy. The Governor of the apex bank, Mr Olayemi Cardoso, said this while delivering his keynote address at the 58th Annual Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos on Friday. The new CBN chief used the event to unveil the bank’s monetary policy thrust and economic outlook for 2024, following the cancellation of the Monetary Policy Committee (MPC) meeting for the quarter. “We

More Stories
Image
28-May-2021

States to Share $750m World Bank COVID-19 Intervention Grant

By Aduragbemi Omiyale The Minister of State for Finance, Budget and National Planning, Mr Clem Agba, has disclosed that the 36 states of the federation and the Federal Capital Territory (FCT) will share the $750 million COVID-19 intervention grant of World Bank. The Minister, while receiving 40 operational vehicles from the Minister of Humanitarian Affairs, Disaster Management and Social Development, Ms Sadiya Umar Farouq, in Abuja, stated that while the states will receive $20 million each from 2021 to 2023, the FCT will get $15 million within the same period. He explained that the funds are expected to be used

Image
27-July-2023

Nkechi Ali-Balogun Expresses Intention to Lead NIPR

By Aduragbemi Omiyale A leading public relations practitioner, Mrs Nkechi Ali-Balogun, is eying the leadership position at the Nigerian Institute of Public Relations (NIPR). The organisation has fixed Thursday, August 24, 2023, for its Annual General Meeting (AGM) and will use the occasion to elect new leaders. Mrs Ali-Balogun says she has all it takes to lead the group and take it to greater heights, especially because she performed a similar feat during her time as the first female Chairperson of the Lagos Chapter of NIPR. “I am running for this office because I want to continue to dedicate my

Image
04-August-2018

Governor Ugwuanyi Can’t Join APC—Enugu Youth Group

By Olubori Oduntan A group known as the Enugu Youths Coalition has warned those it described as “mischief makers” to “leave Governor Ifeanyi Ugwuanyi alone” because he cannot leave the Peoples Democratic Party (PDP) to join the All Progressives Congress (APC). In a statement signed by its National Coordinator, Dr Edwin Obune, the group said there was no basis for the Enugu Governor to leave the party. Enugu Youths Coalition, while reacting to news making the round that Mr Ugwuanyi was planning to join the APC, emphasised that “the electoral act is very clear on issue of defection. The act

Image
10-November-2023

NGX Index Maintains Upward Trajectory Despite Mild Profit-Taking

By Dipo Olowookere The Nigerian Exchange (NGX) Limited sustained its winning streak for the fourth consecutive trading day on Thursday, rising by 0.07 per cent despite mild profit-taking in most sectors of the bourse. It was observed that the upward trajectory maintained by Customs Street during the session was buoyed by bargain-hunting in the banking space, which marginally improved by 0.21 per cent. Business Post reports that the insurance sector depreciated by 1.05 per cent, the consumer goods counter fell by 0.06 per cent, and the industrial goods index went down by 0.02 per cent, while the energy sector closed

Image
20-January-2023

Russia Plans New Trade, Investment Cooperation With Africa

By Kestér Kenn Klomegâh Russian Foreign Minister, Mr Sergey Lavrov, said at his annual press conference on January 18 that Russia and Africa would hold a summit in July this year and a number of documents, including new instruments of trade and investment cooperation, were being prepared to readjust methods of interaction amid the environment of sanctions, and in the context of geopolitical changes. “As you know, we are planning the second summit in St. Petersburg, and we are preparing a whole series of activities for it. Documents are being prepared on the readjustment of interaction mechanisms in conditions and

Image
07-May-2018

Afri Reviews, Final Draft Partner for All-Africa Screenwriting Contest

By Dipo Olowookere An agreement has been reached between Final Draft and Afri Reviews for a competition tagged All-Africa Screenwriting Contest. The contest which is in its inaugural year intends to discover a new generation of screenwriters on the African continent, uncover high-concept ideas, link top scriptwriters with top filmmakers, and improve the quality of movies made on the continent. The aim of the partnership is to support the motion picture industry, which starts with scripting before the cameras. Information available to us indicates that the All-Africa Screenwriting Contest is scheduled to kick off in September this year. It was

Image
30-June-2021

PenCom Fines Firms Over Failure to Remit Workers’ Pensions

By Adedapo Adesanya The National Pension Commission (PenCom) has announced the recovery of N608.6 million from 25 employers who deducted the monthly emoluments of their workers but did not remit to their respective Pension Fund Administrators (PFAs). This was disclosed by the commission in its first-quarter report for 2021, noting that the employers were fined N446.2 million during the period under review over failure to remit workers’ pensions. The commission said: “Following the issuance of demand notices to defaulting employers whose pension liabilities had been established by the Recovery Agents, the sum of N608,554,747.59 representing principal contribution (N162,385,260.05) and penalty

Image
12-March-2019

Meristem, NSE Launch Indices to Track Stocks’ Growth, Value

By Dipo Olowookere The two new indices put together by the Nigerian Stock Exchange (NSE) and the Meristem Securities Limited focusing on investment STYLE orientations have gone live on the NSE website today, Tuesday, March 12, 2019. The two new style indices are the NSE-Meristem Growth Index and NSE-Meristem Value Index and were designed in response to demand for customized indices to support product development and investment management. Broadly, the style indices will provide a benchmark for the market to gauge the performance of value stocks and growth stocks listed on the Exchange. Mr Jude Chiemeka, Divisional Head, Trading Business

Ad
Ad
Recent Stories
Image
29-November-2023

FrieslandCampina, Others Shrink NASD OTC Securities Exchange by 1.14%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

Image
29-November-2023

Naira Plunges 8.3% Amid Rush for Dollar at Official Market

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

Image
29-November-2023

Brent, WTI Jump 2% on OPEC+ Cuts Anticipation, Kazakh Oil Disruption

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

Image
29-November-2023

Profit-taking in Bellwether Stocks Pulls Down NGX by 0.44%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

Image
29-November-2023

GE Vernova Reinforces Ethical Business Practices Across Sub-Saharan Africa

By Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an

Image
28-November-2023

Cytek Advocates Cybersecurity Resilience in Nigeria’s Financial Services Sector

By Adedapo Adesanya Leading global provider of technological solutions YNV Group, through its cybersecurity brand, Cytek, has advocated that stakeholders in the financial services sector prioritise cybersecurity and highlighted key strategies for resilience at a recently hosted webinar for the industry. The session which was held on November 22, was themed Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria, and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector. Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and emerging threats faced by financial services companies in Nigeria while

Image
28-November-2023

BetWGB Empowers Youths With Omo Adugbo Initiative

By Aduragbemi Omiyale An innovative initiative called Omo Adugbo, designed to tackle the high rate of unemployment among youths across Nigeria, has been introduced by a foremost bookmaker, BetWGB. This schemed, which is part of the company to bridge the youth unemployment gap in the country, involves the provision of an outlet in each local government across the country to serve as the organisation’s contact office within the local area. By establishing these outlets across the country, BetWGB Nigeria aims to impact positively on the local economy and bridge the unemployment gap that has affected many young Nigerians. With a

Image
28-November-2023

Zenith Bank Seeks Operating Licence for Subsidiary in France

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

Image
28-November-2023

Stanbic IBTC Capital Shines at AIHN Awards

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

Image
28-November-2023

Slave Wages for Contract Private Security Guards in Nigeria

By Emmanuel Udom Today, most contract security guards are earning slave wages, putting their lives in danger while ensuring the safety of other people, corporate bodies, government agencies, etc, 24/7. It is noted that all over the world, security business is deadly, risky, slippery, dangerous and sophisticated. Like in other business concerns, owners of registered and yet-to-be-registered private security companies are in for raw deals. They are driven by profits, the laws of supply and demand and the desperate hustle for big, juicy contracts, our investigations have shown. Private contract security companies hire all sorts of people, give them one