Introducing the electronic Certificate of Capital Importation (e-CCI)
The Central Bank of Nigeria (CBN) has automated the process of Certificate of Capital Importation (CCI) issuance to facilitate efficient service delivery and operational efficiency. Subsequently, the CBN has directed that all active CCIs (which has not been utilized or not fully utilized) should be migrated to the e-CCI portal as physical CCIs will be phased out upon go-live.
The e-CCI application is robust and will cater for all activities within the lifecycle of the CCI. This includes issuance, markup, markdown, divestment, reinvestment, cancellation, amendment, transfer, Global Depository Receipt(GDR) creation and securities lending. The e-CCI application server and oversight function will reside with the Central Bank of Nigeria as users across the banks will be connected to the server.
Benefits
- No more worry over the safe-keeping of the physical CCIs.
- No more cases of lost CCI in transit (as a result of mishandling) or damage from fire outbreaks.
- Easy tracking of investments across the banks as users will be able to access their investments using a unique identifier.
- Elimination of transfer and indemnity letter to other banks since the process is electronical and this will improve turn-around-time.
- Requests requiring CBN’s approval will now be sent online and status can be easily tracked.
- Drastic reduction in paper usage
@Stanbic IBTC Bank.
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