The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, 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, continues the Bank’s digital revolution project, tagged “Digital First,” which was initiated by the Governor in December 2023.
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 approval processes.
He emphasized 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 Bank initiatives aimed at enhancing service delivery, improving operational efficiency, and fostering sustainability through technological advancements. He expressed delight that the two solutions were fully developed in-house, saving costs.
Also speaking, Deputy Governor Emem Usoro stated that the launch demonstrates the bank’s desire for operational excellence through process automation and innovation, prioritizing stakeholders’ satisfaction.
She highlighted the benefits of the MDAs Naira Payment Solution, including improved service delivery, minimized errors and irregularities, and mitigated fraud.
According to project lead and Acting Director of CBN’s Information Technology Department, Mrs. Jide-Samuel, 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 projected to cause a 70 percent improvement in payment turnaround time, further enhancing Nigeria’s financial ecosystem.
