To improve turnaround time, cut operational costs by Ministries, Departments and Agencies (MDAs), the Central Bank of Nigeria (CBN) on Thursday unveiled the Document Flow (DocFlow) System and Naira Payment Solutions.
The Governor of CBN, Olayemi Cardoso, who unveiled the two transformative initiatives in Abuja said they were in continuation of the apex Bank’s digital revolution project tagged “Digital First” he started in December 2023.
Performing the unveiling of the initiatives, Cardoso described the DocFlow system as a groundbreaking solution designed to revolutionize CBN’s document management processes by digitizing documentation, minimizing paper usage, and streamlining the approval processes.
He emphasized the significance of the MDAs Naira Payment Solution, which he said, automates the cash withdrawal process for MDAs, enhancing efficiency in financial transactions and strengthening client support.
Cardoso pledged his commitment to all initiatives of the CBN aimed at enhancing service delivery, improve operational efficiency, and foster sustainability through technological advancements.
He expressed delight that the two solutions were fully developed in-house, thus saving a lot of costs.
Also speaking at the event, the Deputy Governor, Operations, Emem Usoro, stated that the launch of the solutions demonstrated CBN’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 minimizing errors, irregularities and mitigating against fraud.
In her remarks, 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 it aligns with the Bank’s enterprise objective of, “Excellence in Central Banking Operations”.
The MDAs Naira Payment Solution, she noted, is considered a game-changer in the CBN’s financial transaction management.
She said it is projected to cause a 70 percent improvement in payment turnaround time and further improves Nigeria’s financial ecosystem.
