The Central Bank of Nigeria (CBN) has introduced two innovative initiatives: the Document Flow (DocFlow) System and the Naira Payment Solution for Ministries, Departments, and Agencies (MDAs).
These initiatives aim to enhance efficiency and lower operational costs within the civil service.
A statement from the CBN on Thursday revealed that the launch took place at its Head Office in Abuja on Wednesday, as part of the Bank’s ongoing digital transformation project, “Digital First,” which was initiated by the Governor, Mr. Olayemi Cardoso, in December 2023 as a key element of his transformation agenda.
The statement quoted Cardoso describing the DocFlow system as a groundbreaking solution designed to revolutionise the Bank’s document management processes by digitising documentation, minimising paper usage, and streamlining approval processes.
He emphasised the significance of the MDAs Naira Payment Solution, which 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 Bank, which aim to enhance 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 substantial costs.
The Deputy Governor, Operations, Emem Usoro, was also quoted as saying 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 stakeholder satisfaction.
She further highlighted the benefit of the MDAs Naira Payment Solution, which includes improved service delivery to the MDAs, while minimising errors, irregularities, and mitigating 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 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 improve Nigeria’s financial ecosystem,” the statement added.
The Sun
