The Central Bank of Nigeria (CBN) has launched two innovative digital solutions aimed at improving operational efficiency in the public sector.
The Document Flow System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution were unveiled at an event on January 15, 2025, in Abuja, according CBN statement on Thursday.
CBN Governor, Olayemi Cardoso introduced the initiatives as part of the Bank’s “Digital First” transformation strategy, which was initiated in December 2023, highlighted the importance of these innovations in modernising CBN operations. “The Document Flow System will digitize document management processes, reduce paper usage, and streamline workflows,” Cardoso explained.
The MDAs Naira Payment Solution is another key component, designed to automate cash withdrawal processes for government agencies. Cardoso stated the system’s potential to boost service delivery and client support, while also noting the cost savings and sustainability benefits derived from the in-house development of these solutions.
The Deputy Governor of Operations, Emem Usoro, praised the launch as a significant step towards innovation and operational excellence. “The MDAs Naira Payment Solution will enhance service delivery, reduce errors, and help combat fraud,” she said.
The Acting Director of the CBN’s Information Technology Department, Mrs. Jide-Samuel, confirmed the solution had been successfully tested with several MDAs and aligns with CBN’s goal of improving financial transaction management. The system is expected to improve payment turnaround time by 70%, further enhancing Nigeria’s financial ecosystem.
