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 launch, held at the CBN head office in Abuja on Wednesday, is a continuation of the bank’s 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, Cardoso described the DocFlow system as a groundbreaking solution designed to revolutionise the bank’s document management processes by digitising documentation, minimising paper usage, and streamlining the approval processes.
According to a statement that was issued by the apex bank, Cardoso emphasised the significance of the MDAs Naira Payment Solution, which automates the cash withdrawal process for MDAs, enhancing efficiency in financial transactions and strengthening client support.
Cardoso pledged his commitment to all initiatives of the Bank which aims to enhance service delivery, improve operational efficiency, and foster sustainability through technological advancements and 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 in charge of operations, Emem Usoro stated that the launch of the solutions demonstrated the Bank’s desire for operational excellence through process automation and creating a culture of innovation that prioritises stakeholders’ satisfaction.
She highlighted the benefit of the MDAs Naira Payment Solution to include improved service delivery to the MDAs, while minimising errors, irregularities and mitigating against fraud.
In her remarks, the project lead and acting director of CBN’s information technology department, Mrs. 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. It is projected to cause a 70% improvement in payment turnaround time and further improves Nigeria’s financial ecosystem.