The Central Bank of Nigeria (CBN) has launched two groundbreaking digital tools—the Document Flow System and the MDAs Naira Payment Solution—as part of its “Digital First” initiative.
The launch took place on Wednesday, January 15, 2025, at the Bank’s headquarters in Abuja.
A press statement issued on Thursday highlighted these innovations as a continuation of the reforms initiated by the CBN Governor, Olayemi Cardoso, in December 2023.
Key Highlights of the Innovations
Document Flow System (DocFlow):
This system aims to modernize the Bank’s document management by digitizing workflows, reducing paper usage, and enhancing operational efficiency.
MDAs Naira Payment Solution:
Designed to automate cash withdrawal processes for Ministries, Departments, and Agencies (MDAs), this solution aims to improve service delivery, reduce errors, and minimize fraud risks.
Statements from CBN Officials
Governor Olayemi Cardoso emphasized the significance of these systems in driving sustainability and operational excellence. He also praised the internal development of the tools, which resulted in significant cost savings.
Deputy Governor of Operations, Emem Usoro, reiterated the Bank’s commitment to innovation, highlighting the MDAs Naira Payment Solution as pivotal in enhancing service delivery and fraud prevention.
Acting IT Director, Mrs. Jide-Samuel, noted that the MDAs Naira Payment Solution has undergone successful testing and aligns with the CBN’s goal of achieving “Excellence in Central Banking Operations.”
Impact and Projections
The MDAs Naira Payment Solution is expected to:
Reduce payment turnaround time by 70%.
Strengthen Nigeria’s financial ecosystem.
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