CBN unveils digital solutions to boost efficiency, service delivery

The Central Bank of Nigeria (CBN) has launched two innovative digital initiatives aimed at transforming financial operations in the public sector.

The new systems—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—were unveiled on Wednesday, January 15, 2025, at the Bank’s headquarters in Abuja.

The launch of these initiatives is a key component of the CBN’s “Digital First” transformation agenda, which was initiated by Governor Olayemi Cardoso in December 2023.

The projects are designed to enhance operational efficiency, reduce costs, and drive sustainability within the financial sector.

Governor Olayemi Cardoso, in his address, emphasized that the DocFlow system will revolutionize how documents are managed within the Bank. By digitizing document processes, the system aims to reduce the dependency on paper, streamline approval workflows, and improve overall operational efficiency.

“This initiative marks a significant step towards fostering operational excellence in the CBN,” Cardoso said.

Another significant development is the introduction of the MDAs Naira Payment Solution, a system designed to automate the cash withdrawal processes for MDAs.

This solution is expected to enhance service delivery, improve transaction accuracy, and strengthen fraud prevention measures. Deputy Governor of Operations, Emem Usoro, praised the initiative, noting that it would significantly reduce errors and expedite payment turnaround times.

Acting Director of the CBN’s Information Technology Department, Mrs. Jide-Samuel, shared that the system had been successfully trialed with several MDAs, confirming its effectiveness in streamlining financial operations.