‘Arrangement Enhancement!’ CBN launches Digital Initiatives for Financial Transactions, Document Management

The Central Bank of Nigeria (CBN) has unveiled two new digital initiatives—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.

A statement from the CBN said the initiatives were launched, held at the CBN Head Office in Abuja on Wednesday, January 15, 2025, and is part of the Bank’s ongoing “Digital First” transformation project, which began in December 2023 under the leadership of the Governor, Mr. Olayemi Cardoso.

The MDAs Naira Payment Solution is seen as an achievement in the Bank’s efforts to enhance financial transaction management.

It is projected to improve payment turnaround time by 70 percent further advancing Nigeria’s financial ecosystem.

CBN Governor, Olayemi Cardoso described the initiative as a revolutionary tool that automates cash withdrawal processes for MDAs, boosting operational efficiency and strengthening client support.

“The MDAs Naira Payment Solution enhances efficiency in financial transactions, minimizes errors, and mitigates fraud. It represents a commitment to improving service delivery and fostering sustainability through technological advancements,”

Cardoso stated. He also commended the in-house development of the solutions, which he said saved substantial costs.

The DocFlow System, designed to modernize the Bank’s document management processes, focuses on digitizing documentation, reducing paper usage, and streamlining approval workflows.

Cardoso expressed satisfaction with the progress of the “Digital First” initiative, pledging continued commitment to projects that enhance operational efficiency and service delivery.

Deputy Governor of Operations, Emem Usoro, pointed out the significance of the launch, describing it as a testament to the Bank’s dedication to operational excellence and innovation. She noted the MDAs Naira Payment Solution’s ability to minimize errors, irregularities, and fraud, ultimately ensuring improved service delivery for MDAs.

Mrs. Jide-Samuel, Acting Director of the CBN’s Information Technology Department and project lead, disclosed that the MDAs Naira Payment Solution has already been successfully tested with some MDAs. She noted that the initiative aligns with the Bank’s enterprise objective of achieving “Excellence in Central Banking Operations.”

The launch reinforces the CBN’s commitment to leveraging technology to drive efficiency, transparency, and sustainability in its operations, further positioning the Bank as a leader in digital innovation within Nigeria’s financial sector.