Thursday, January 16, 2025




 The Central Bank of Nigeria introduced two digital innovations— the Document Flow System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—at an event on Wednesday, January 15, 2025, at its headquarters in Abuja.


A press statement released on Thursday highlighted these projects as key components of the “Digital First” transformation initiative launched by Governor Olayemi Cardoso in December 2023.


According to the statement, “The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has launched two transformative initiatives, the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution.”


Cardoso emphasized the importance of the DocFlow system in revolutionizing document management processes within the Bank. He stated that the system is designed to digitize operations, reduce paper usage, and streamline approval workflows to boost efficiency.


Regarding the MDAs Naira Payment Solution, Cardoso described it as an essential tool for automating cash withdrawal processes for MDAs, highlighting its potential to enhance service delivery and client support.

Cardoso commended the in-house development of both systems, noting the associated cost savings and their contribution to sustainability through technological advancement.


The Deputy Governor of Operations, Emem Usoro, remarked that the launch underscored the Bank’s commitment to innovation and operational excellence. She pointed out the benefits of the MDAs Naira Payment Solution, including improved service delivery, reduced errors, and stronger fraud prevention measures.


The Acting Director of the CBN’s Information Technology Department, Mrs. Jide-Samuel, stated that the MDAs Naira Payment Solution had been successfully tested with several MDAs and aligns with the Bank’s goal of “Excellence in Central Banking Operations.”


The statement concluded, “The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. It is projected to improve payment turnaround time by 70% and further enhance Nigeria’s financial ecosystem.”

No comments:

Post a Comment

Also Read