CBN Launches DocFlow, MDA Naira Payment Solutions
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has officially launched two major initiatives aimed at transforming the nation’s financial and operational landscape: the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.
The launch, which took place at the CBN headquarters in Abuja on Wednesday, is part of the ongoing digital transformation efforts under the bank’s “Digital First” initiative, which was introduced in December 2023 as part of the Governor’s strategic vision for technological advancement.
During his speech at the event, Governor Cardoso described the DocFlow system as a groundbreaking solution designed to overhaul the bank’s document management processes. By digitising documentation, reducing paper usage, and streamlining approval processes, DocFlow is expected to significantly enhance efficiency and operational effectiveness within the CBN.
He also highlighted the importance of the MDAs Naira Payment Solution, which automates cash withdrawal processes for MDAs. This solution is set to improve efficiency in financial transactions and enhance client support. Cardoso emphasized that both initiatives were developed in-house by CBN, underscoring the bank’s commitment to cost-saving innovations while enhancing service delivery.
“The launch of these solutions is part of our efforts to not only improve our internal processes but also foster a culture of innovation, operational excellence, and sustainability,” Cardoso said.
The CBN Deputy Governor in charge of Operations, Emem Usoro, also addressed the event, stressing that the launch of these solutions was a clear indication of the bank’s commitment to automation and process improvements. She noted that the MDAs Naira Payment Solution would enhance service delivery to government agencies, while also reducing errors and mitigating risks associated with fraud.
Mrs. Jide-Samuel, the Acting Director of CBN’s Information Technology Department and project lead for the initiative, shared that the MDAs Cash Payment Solution had already undergone successful testing with a few MDAs. She added that the solution aligns with the bank’s enterprise objective of achieving “Excellence in Central Banking Operations.”
The MDAs Naira Payment Solution is expected to revolutionize financial transaction management within the government sector. It is projected to reduce payment turnaround times by up to 70%, providing a much-needed boost to Nigeria’s financial ecosystem.
These initiatives mark another significant step towards modernising Nigeria’s banking and governmental processes, further positioning the CBN as a leader in financial innovation and operational excellence.
