The Central Bank of Nigeria (CBN) has launched two major initiatives: the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. These initiatives, introduced as part of the bank’s “Digital First” transformation agenda, aim to enhance operational efficiency and streamline financial transactions. Governor Olayemi Cardoso, speaking at the launch event, highlighted the importance of digitizing documentation and automating financial processes to reduce paperwork, improve transaction speed, and strengthen client support.
Governor Cardoso emphasized that both solutions were developed in-house, resulting in significant cost savings while promoting innovation. The DocFlow system is expected to enhance internal document management, while the MDAs Naira Payment Solution aims to automate cash withdrawals and financial transactions for government agencies. Deputy Governor of Operations, Emem Usoro, underscored the bank’s commitment to operational excellence through process automation, minimizing errors, and mitigating fraud.
According to Mrs. Omoyemen Jide-Samuel, the project lead and Acting Director of CBN’s Information Technology Department, the MDAs Naira Payment Solution has been successfully tested and is projected to improve payment turnaround time by 70%. The initiative aligns with CBN’s goal of achieving excellence in central banking operations and is expected to significantly enhance Nigeria’s financial ecosystem.
