The Governor of the Central Bank of Nigeria (CBN) has launched a Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution to reduce the use of cash for government transactions.
The apex bank disclosed this through its Governor, Olayemi Cardoso.
The Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution was launched at the CBN Head Office Abuja.
The MDAs Naira Payment Solution is expected to be a game-changer in CBN’s financial transaction management, with projections indicating a 70 per cent improvement in payment turnaround times, which will further strengthen Nigeria’s financial ecosystem.
Cadoso said the initiative is a continuation of the bank’s digital revolution project tagged “Digital First”.
The Digital First initiative was flagged off by the Governor in December 2023 as one of his transformation initiatives.
Cardoso described the DocFlow system as a transformative solution that will revolutionize the bank’s document management by digitizing paperwork, reducing paper usage, and streamlining the approval process.
He also highlighted the importance of the MDAs Naira Payment Solution, which automates the cash withdrawal process for MDAs, improving efficiency in financial transactions and enhancing client support.
Cardoso reaffirmed his commitment to all of the Bank’s initiatives aimed at improving service delivery, boosting operational efficiency, and promoting sustainability through technological innovation.
The CBN boss also expressed satisfaction that both solutions were developed internally, resulting in significant cost savings.
In her remarks, the Deputy Governor, Operations, Emem Usoro, emphasized that the introduction of these solutions underscores the bank’s commitment to operational excellence, process automation, and fostering a culture of innovation that prioritizes stakeholder satisfaction.
She further outlined the benefits of the MDAs Naira Payment Solution, including improved service delivery to the MDAs, reduced errors, minimized irregularities, and enhanced fraud prevention.
Mrs. Jide-Samuel, the project lead and Acting Director of CBN’s Information Technology Department, shared that the MDA Cash Payment Solution had been successfully tested with several MDAs and aligns with the bank’s goal of achieving “Excellence in Central Banking Operations.”