The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has launched two initiatives- the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.
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The bank said that the launch, held at its headquarters yesterday, was a continuation of its digital revolution project tagged “Digital First” which was flagged off by the Governor in December 2023 as one of his transformation initiatives.
Speaking at the event, Mr. Cardoso described the DocFlow system as a groundbreaking solution, designed to revolutionize the Bank’s document management processes by digitizing documentation, minimizing paper usage, and streamlining the approval processes.
Similarly, the MDAs Naira Payment Solution, which automates the cash withdrawal process for MDAs, would enhance efficiency in financial transactions and strengthening client support.
The CBN governor pledged his commitment to all initiatives of the bank which aim to enhance service delivery, improve operational efficiency, and foster sustainability through technological advancements.
He expressed delight that the two solutions were fully developed in-house, thus saving a lot of costs.
Also speaking at the event, the Deputy Governor, Operations, Emem Usoro stated that the launch of the solutions demonstrated the bank’s desire for operational excellence through process automation and the creation of the culture of innovation that prioritises stakeholders’ satisfaction.
She highlighted the benefits of the MDAs Naira Payment Solution to include: improved service delivery to the MDAs, minimizing errors, irregularities and mitigating against fraud.
In her remarks, the project lead and Ag. Director of CBN’s Information Technology Department, Mrs. Omoyemen Jide-Samuel, disclosed that the MDA Cash Payment Solution has been successfully tested with some MDAs and aligns with the Bank’s enterprise objective of, “Excellence in Central Banking Operations”.
The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management, a projection of 70% improvement in payment turnaround time and further improving Nigeria’s financial ecosystem.
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