Telnet Partners CBN on e-CCI

By Ikenga Chronicles December 15, 2016

Telnet Nigeria Limited has established a collaboration with the Central Bank of Nigeria (CBN) and other financial institutions to develop and implement an Electronic Certificate of Capital Importation (e-CCI) platform.

This is followed by the approval given to the industry by the CBN via the Financial Market Dealers Association of Nigeria (FMDA) and the Association of Asset Custodian of Nigeria (AACN) to develop an e-CCI system, standardise and automate the various activities involved in CCI issuance, operations and management.

The Chief Executive Officer, Telnet Nigeria Limited, Mr. Gbenga Odujinrin, at a workshop, said the e-CCI system would enhance Foreign Direct Investments (FDIs) in the country.

He added that  investor’s confidence would also be increased by enabling them to remotely access and monitor their investments in Nigeria.

According to him, if implemented, the e-CCI system would promote transparency within the industry and enhance the capacity of the central bank to monitor in real-time, the performance of foreign investments in different sectors of the economy.

He added that the project is at its advanced stage of completion and the formal launch would be announced by the CBN to relevant stakeholders in due course.

“At the end of the project, Nigeria would be able to say boastfully, that the country is open for business. Our platform is probably one of the leading platforms in developing areas especially in our region.

“So we are excited about it and we are grateful for the opportunity and also to be part of those transforming the Nigerian economic landscape with this effective and very unique solution in Nigeria”Odujinrin said.

“What we are doing is that, if you are an investor and you want to invest $100milion in Nigeria, how do you bring it in. Now, it’s transparent to the investor.”

“He can bring it through his bank and have a certificate that shows that he brought in $100million into the economy. So the process is automated unlike in the past when everything was done manually with paper. And overtime, it’s transparent to them.”‎ he added

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