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Friday, March 31, 2023

CBN takes Over Certificate of Capital Importation Processing from Telnet

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The electronic platform for processing Certificate of Capital Importation (CCI) managed by Telnet Nigeria Limited has been replaced by an in-house application developed by the Central Bank of Nigeria (CBN).

With this take-over, the Apex bank has full control of the e-CCI platform.

The new system replaces and performs the same functions as the previous application. There are no changes to the e-certificate generated on the new platform and the database of the previous application has been migrated to the new platform for continuity.

Some banks like Stanbic IBTC Bank say they were migrated to the new application by the Apex bank at the close of business on Friday, 23 April 2021.

There is no implication with the switch except for the system change or ownership from Telnet Nigeria Limited to Central Bank of Nigeria (CBN).

Capital Importation into Nigeria has been sliding for the past 2 years and the take-over may be a way for the CBN to make the application process more efficient.

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