CBN Unveils Digital Solutions to Boost Efficiency and Enhance Services
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has launched two innovative digital solutions: the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.
The launch, held at the CBN Head Office on Wednesday, marks a significant step forward in the Bank’s “Digital First” transformation initiative, aimed at enhancing service delivery, improving operational efficiency, and fostering sustainability through technological advancements.
The MDAs Naira Payment Solution is poised to revolutionize financial transaction management for government agencies. By automating the cash withdrawal process for MDAs, it is expected to significantly improve payment turnaround times, reduce manual intervention, and strengthen client support. The CBN projects a 70% improvement in payment turnaround times with the implementation of this solution.
The CBN Governor, Olayemi Cardoso emphasized the importance of this initiative, stating that it enhances efficiency in financial transactions and strengthens client support. He also highlighted the significance of the DocFlow system, which digitizes documentation, minimizes paper usage, and streamlines approval processes, thereby improving overall operational efficiency.
Mr. Cardoso expressed his delight that both solutions were developed in-house, underscoring the Bank’s commitment to cost-effectiveness and innovation.
Deputy Governor, Operations, Emem Usoro, emphasized the Bank’s commitment to operational excellence through process automation and a culture of innovation that prioritizes stakeholder satisfaction. She highlighted that the MDAs Naira Payment Solution will improve service delivery to MDAs while minimizing errors, irregularities, and mitigating against fraud.
Mrs. Jide-Samuel, Ag. Director of CBN’s Information Technology Department and project lead, revealed that the MDA Cash Payment Solution has undergone successful testing with select MDAs and aligns perfectly with the Bank’s enterprise objective of “Excellence in Central Banking Operations.”
