Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has launched two transformative initiatives – the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution aimed to improve turnaround time and cut costs.
According to a statement Thursday morning, the launch, held at the CBN Head Office Abuja on Wednesday, is a continuation of the bank’s digital revolution project tagged, ‘Digital First,’ which the governor flagged off in December 2023 as one of his transformation initiatives.
At the event, Cardoso described the DocFlow system as a ground-breaking solution designed to revolutionise the bank’s document management processes by digitising documentation, minimising paper usage, and streamlining the approval processes.
He emphasised that the significance of the MDAs Naira Payment Solution is that it will automate cash withdrawal process for MDAs, enhance efficiency in financial transactions and strengthen 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 also expressed delight that the two solutions were fully developed in-house, thus saving a lot of costs.
Also speaking at the event, Emem Usoro, CBN deputy governor, Operations, stated that the launch of the solutions demonstrated the apex bank’s commitment to 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.
In her remarks, Jide-Samuel, who is the project lead and acting director of CBN’s Information Technology Department, disclosed that the MDA Cash Payment Solution has been successfully tested with some MDAs and aligns with the 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 drive a 70 percent improvement in payment turnaround.
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