The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has unveiled two transformative initiatives: the Document Flow (DocFlow) System and the MDAs Naira Payment Solution. The launch, held at the CBN Head Office in Abuja, highlights the Bank’s strides under its “Digital First” agenda introduced in December 2023.

Cardoso described the DocFlow System as a pioneering platform designed to digitize document management, streamline approval processes, and minimize paper usage within the CBN. Similarly, the MDAs Naira Payment Solution automates cash withdrawal processes for Ministries, Departments, and Agencies (MDAs), enhancing efficiency, reducing errors, and bolstering fraud prevention.

The Governor underscored the cost-saving benefits of developing these solutions in-house and emphasized the Bank’s dedication to leveraging technology for better service delivery, operational efficiency, and sustainability.

Deputy Governor of Operations, Emem Usoro, highlighted these initiatives as a testament to the Bank’s focus on operational excellence and innovation. She noted that the MDAs Naira Payment Solution would significantly enhance service delivery and reduce transaction irregularities.

Project lead and Acting IT Director, Mrs. Jide-Samuel, added that the MDAs Naira Payment Solution has undergone successful testing with several MDAs. She projected that it would improve payment turnaround time by 70%, positively impacting the nation’s financial ecosystem.

These initiatives reinforce the CBN’s commitment to modernizing central banking operations and driving digital innovation for Nigeria’s financial sector.