The Central Bank of Nigeria (CBN) has introduced two digital initiatives—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.
The two initiatives were launched at an event held on at the Bank’s headquarters in Abuja, on Wednesday.
In a press statement on Thursday, the CBN said the projects are part of the ongoing “Digital First” transformation initiative launched by Governor Olayemi Cardoso in December 2023.
“The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has launched two transformative initiatives, the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution,” the statement read.
The statement also quoted the CBN governor, Olayemi Cardoso to have in his address at the event, emphasised the pivotal role of the DocFlow system in transforming document management processes within the Bank.
According to him, the system is designed to digitise operations, significantly reduce paper dependency, and streamline approval workflows, thereby fostering operational efficiency.
Cardoso also highlighted the MDAs Naira Payment Solution as a critical tool in automating cash withdrawal processes for MDAs, which will improve service delivery and enhance client support. He lauded the in-house development of both solutions, underlining the cost savings and commitment to fostering sustainability through technological advancements.
CBN’s deputy governor of operations, Emem Usoro, noted that the launch is a testament to the bank’s drive for innovation and operational excellence.
She outlined the benefits of the MDAs naira payment Solution, including enhanced service delivery, reduced errors, and strengthened safeguards against fraud.
Acting Director of the CBN’s Information Technology Department, Mrs. Jide-Samuel, also provided insights into the development and testing phase of the MDAs Naira Payment Solution.
She noted that the system has undergone successful trials with several MDAs, demonstrating its reliability and alignment with the bank’s objective of “Excellence in Central Banking Operations.”
The statement added, “The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. It is projected to cause a 70% improvement in payment turnaround time and further improves Nigeria’s financial ecosystem.”
