CBN launches digital innovations to transform operations, enhance service delivery

Estimated reading time: 2 minutes

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

A press statement released on Thursday described the projects as part of the “Digital First” transformation initiative launched by the Governor, Olayemi Cardoso, in December 2023.

The statement read: “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, in his remarks, stressed the significance of the DocFlow system in overhauling document management processes within the Bank. He explained that the system aims to digitise operations, reduce paper use, and streamline approval workflows to enhance efficiency.

He also described the MDAs Naira Payment Solution as a vital tool for automating cash withdrawal processes for MDAs, noting its potential to improve service delivery and client support.

Cardoso praised the in-house development of both systems, citing the associated cost savings and their contribution to sustainability through technological progress.

ALSO READ

• FG makes headway in recovering billions owed by MDAs
• Despite FX Windfall, Six Government Agencies Brace for Forex Losses in 2024 Budget
• BREAKING: Senate confirms Yemi Cardoso as CBN Governor, four others as deputies
• Healthcare: ‘Can You Fix Nigeria’ Series – Episode 3
• Cardoso assumes office as Acting CBN Governor

The Deputy Governor of Operations, Emem Usoro, said the launch highlighted the Bank’s commitment to innovation and operational excellence. She highlighted the MDAs Naira Payment Solution’s benefits, including improved service delivery, reduced errors, and stronger measures against fraud.

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 added, “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 per cent and further enhance Nigeria’s financial ecosystem.”