The Central Bank of Nigeria (CBN) has launched two new digital initiatives: the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. The announcement was made during an event on Wednesday, January 15, 2025, at the Bank’s headquarters in Abuja.

According to a statement issued on Thursday, these initiatives are part of the ongoing “Digital First” transformation drive introduced by CBN Governor Olayemi Cardoso in December 2023.

The statement read, “Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) has officially launched two transformative initiatives: the Document Flow (DocFlow) System and the MDAs Naira Payment Solution.”

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Governor Cardoso highlighted the significance of the DocFlow system in revolutionizing document management within the CBN. The system is aimed at digitizing processes, reducing paper usage, and streamlining approval workflows to enhance operational efficiency.

He also emphasized the MDAs Naira Payment Solution as an essential tool for automating cash withdrawal processes across MDAs, which will improve service delivery and boost client support. Cardoso praised the in-house development of both solutions, emphasizing the cost savings and the commitment to sustainability through technological advancements.

Deputy Governor for Operations, Emem Usoro, noted that the launch of these systems demonstrates the Bank’s commitment to innovation and operational excellence. She explained that the MDAs Naira Payment Solution will improve service delivery, minimize errors, and enhance fraud protection measures.

Mrs. Jide-Samuel, Acting Director of the CBN’s Information Technology Department, provided details on the development and testing of the MDAs Naira Payment Solution. She revealed that the system had undergone successful trials with several MDAs, proving its reliability and aligning with the Bank’s goal of “Excellence in Central Banking Operations.”

The statement further mentioned, “The MDAs Naira Payment Solution is expected to be a game-changer in the CBN’s financial transaction management. It is projected to improve payment turnaround times by 70% and contribute positively to Nigeria’s financial ecosystem.”

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