- CBN Governor Olayemi Cardoso launched the DocFlow System and MDAs Naira Payment Solution to enhance operational efficiency and customer service
- The MDAs Naira Payment Solution is expected to improve payment turnaround time by 70%, reducing errors and fraud in financial transactions
Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has inaugurated two transformative initiatives: the Document Flow (DocFlow) System and the Ministry, Departments, and Agencies (MDAs) Naira Payment Solution.
The inauguration, which took place on January 15, 2025, at the CBN Head Office in Abuja, is a continuation of the bank’s “Digital First” project, which was launched by the governor in December 2023 as one of his transformation initiatives.
Speaking at the ceremony, Mr Cardoso hailed the DocFlow system as a game-changing solution that will transform the bank’s document management processes by digitising paperwork, reducing paper usage, and speeding approval procedures.
He underlined the importance of the MDAs Naira Payment Solution, which automates the cash withdrawal process for MDAs, increasing financial transaction efficiency and improving client service.
Cardoso pledged his dedication to all of the bank’s activities aimed at improving customer delivery, operational efficiency, and sustainability through technology developments, and expressed joy that the two solutions were wholly created in-house, saving significant expenditures.
Also speaking at the event, the Deputy Governor, Operations, Emem Usoro, stated that the launch of the solutions demonstrated the bank’s desire for operational excellence through process automation and creating a culture of innovation that prioritises stakeholders’ satisfaction.
She further highlighted the benefit of the MDAs Naira Payment Solution to include improved service delivery to the MDAs, while minimising errors, irregularities and mitigating against fraud.
The project lead and Ag. Director of CBN’s Information Technology Department, Mrs Jide-Samuel, disclosed that the MDA Cash Payment Solution has been successfully tested with some MDAs and aligns with the bank’s enterprise objective of “Excellence in Central Banking Operations”.
The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. It is projected to cause a 70% improvement in payment turnaround time and further improves Nigeria’s financial ecosystem.
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