The Central Bank of Nigeria (CBN) has introduced a new online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) for the submission of microfinance bank (MFB) license applications.
This digital platform aims to streamline and facilitate the process of applying for licenses and seeking approvals related to microfinance banks in Nigeria.
In a circular signed by Isa AbdulMumin, Director, of Corporate Communications, and issued on Wednesday, the apex bank said the new online platform will eventually replace the current manual process wherein prospective applicants for MFB licenses physically submit their applications to the CBN. It added that “the Bank will extend the platform to other categories of licenses” in due course.
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The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures. By digitizing the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite license approvals, benefiting both applicants and the economy.
“Consequently, with effect from September 25, 2023, MFB license applicants are required to 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.
“The parallel run will end on December 31, 2023. Thereafter, manual submissions of hardcopy MFB license applications will no longer be required and accepted,” the CBN said.
The apex bank noted that from September 25, 2023, prospective MFB applicants are urged to log on to www.larp.cbn.gov.ng to submit their respective MFB license applications. The portal offers assistance and detailed guidance to users for navigating the application process. Additionally, a user guide can be downloaded from the platform to aid applicants in using the new online system.
Applicants are encouraged to reach out to the dedicated helpdesk via email at [email protected] for additional information and assistance regarding the MFB license application process through the CBN Licensing, Approval and Other Requests Portal (CBN LARP).
It’s important to note that the Central Bank of Nigeria (CBN) will continue to accept manual applications for all other license types until further notice.
NCC Makes changes to fixed lines
Meanwhile, the Nigerian Communications Commission (NCC) has introduced a new numbering format for fixed lines, in accordance with its responsibilities outlined in the Nigerian Communications Act (NCA) of 2003, which empowers the NCC to oversee Nigeria’s numbering resources.
As part of this change, Nigeria’s fixed lines numbering format has been expanded from eight digits to ten digits. This modification involves the addition of the “02” prefix before the existing fixed number, according to a statement issued by the NCC.
The Director of Public Affairs at the Nigerian Communications Commission (NCC), Mr. Reuben Muoka, stated on Tuesday that this announcement aligns with a fundamental duty of the NCC. Furthermore, it is in accordance with the practices endorsed by the International Telecommunication Union (ITU), which is the United Nations body overseeing Information and Communication Technologies (ICT).
“The Commission hereby informs the public of the changes and also clarifies that existing numbers will continue to operate concurrently till the cut-over date of 31 December 2023. From 1 January 2024, the new numbering format beginning with “02” prefix will be operational.
“In other words, the old and new number formats are allowed to run concurrently till the cut-over date (31 December, 2023). Thereafter (from 1 January 2024), the new fixed-lines format will assume full recognition across all networks,” the Commission said.
The NCC provided examples to illustrate the numbering format change. For instance, the previous number 09461700 should now be dialed as 02094617000 in the new format.
Here are additional examples for major cities:
Lagos: The current number format of 014630643 will now be 02014630643 in the new numbering format.
Abuja: The current number format of 094630643 will now be 02094630643 in the new numbering format.
Port Harcourt: The current number format of 084460643 will now be 02084460643 in the new numbering format.
Kano: The current number format of 064460643 will now be 02064460643 in the new numbering format.
These examples demonstrate the shift to the updated ten-digit numbering format.
It’s important to note that the change in numbering format announced by the Nigerian Communications Commission (NCC) solely pertains to fixed telephone numbers. There is no alteration to the existing numbering format for mobile phone numbers.