The Central Bank of Nigeria has launched two new digital initiatives—the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution.
According the statement, the initiatives were unveiled on Wednesday, January 15, 2025, at the CBN Head Office in Abuja.
The launch is part of the Bank’s broader “Digital First” transformation project, which was initiated in December 2023 under the leadership of Governor Mr. Olayemi Cardoso.
The MDAs Naira Payment Solution is considered a significant achievement in the Central Bank of Nigeria’s efforts to enhance the management of financial transactions.
It is projected to improve payment turnaround time by 70%, further advancing Nigeria’s financial ecosystem.
CBN Governor Olayemi Cardoso, described the initiative as a revolutionary tool that automates cash withdrawal processes for MDAs, significantly boosting operational efficiency and enhancing client support.
“The MDAs Naira Payment Solution enhances efficiency in financial transactions, minimizes errors, and mitigates fraud. It represents a commitment to improving service delivery and fostering sustainability through technological advancements,” Cardoso stated.
He also commended the in-house development of the solutions, which he said saved substantial costs.
The DocFlow System is designed to modernize the Bank’s document management processes by digitizing documentation, reducing paper usage, and streamlining approval workflows.
Cardoso expressed satisfaction with the progress of the “Digital First” initiative, reaffirming the Bank’s ongoing commitment to projects that improve operational efficiency and service delivery.
Deputy Governor of Operations, Emem Usoro, highlighted the significance of the launch, describing it as a testament to the Bank’s commitment to operational excellence and innovation.
She emphasized the MDAs Naira Payment Solution’s potential to reduce errors, irregularities, and fraud, thereby ensuring improved service delivery for MDAs.
The Acting Director of the CBN’s Information Technology Department and project lead, Mrs. Jide-Samuel, disclosed that the MDAs Naira Payment Solution has already been successfully tested with some MDAs.
She further noted that the initiative aligns with the Bank’s overarching objective of achieving “Excellence in Central Banking Operations.”
The launch reinforces the CBN’s commitment to utilizing technology to drive efficiency, transparency, and sustainability in its operations, further establishing the Bank as a leader in digital innovation within Nigeria’s financial sector.
