The Central Bank of Nigeria (CBN) has introduced its “fully developed in-house” digital solutions – Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution, to improve payment turnaround time for government agencies and ministries by 70%.
The DocFlow System was created to digitise paperwork and streamline the approval process. On the other hand, the MDA’s naira payment solution is intended to automate cash withdrawal processes for MDAs, reducing the need for payments with physical cash in government ministries and agencies.
During the launch of the solutions, the CBN governor, Olayemi Cardoso lauded the payment solutions as a “game-changer” for the bank’s financial management. He pointed that the MDAs Naira Payment Solution is of great importance as it will automate the cash withdrawal process for MDAs, enhance efficiency in financial transactions and strengthen client support.
While noting that the launched solutions are part of the bank’s digital revolution project tagged, ‘Digital First’, the bank’s governor also pledged his continued commitment to all the bank’s initiatives, which are aimed at enhancing service delivery, improving operational efficiency, and fostering sustainability through technological advancements.
The Deputy Governor of Operations, Emem Usoro, also hailed the projects, noting that the launch shows the CBN’s commitment to operational excellence and fostering a culture of innovation that places a premium on stakeholder satisfaction.
She added that the MDA Naira Payment Solution would significantly improve service delivery to government agencies, reduce errors and irregularities, and strengthen safeguards against fraud.
Also present at the launch was Omoyemen Jide-Samuel, the project lead and Acting Director of the CBN’s Information Technology Department. She stated that the payment solution has already been successfully tested at some MDAs and that it aligns with the CBN’s broader objective of ensuring excellence in banking operations.
These new projects show the bank’s readiness to attain efficiency and encourage transparency through the use of technology.
The fact that the projects were developed internally within the bank also show the CBN’s readiness to cut costs by deploying its own technical know-how to develop and improve on financial processes.
