CBN Unveils DocFlow System and MDAs Naira Payment Solution

The Central Bank of Nigeria (CBN), led by Governor Mr. Olayemi Cardoso, has introduced two innovative initiatives: the Document Flow (DocFlow) System and the MDAs Naira Payment Solution.

Unveiled during an event at the CBN headquarters, these launches are part of the bank’s ongoing digital transformation agenda, “Digital First,” which began in December 2023 under Mr. Cardoso’s leadership.

Highlighting the significance of the DocFlow system, the governor described it as a transformative tool aimed at digitizing the bank’s document management processes, reducing paper usage, and optimizing approval workflows.

Similarly, the MDAs Naira Payment Solution, which automates cash withdrawal processes for Ministries, Departments, and Agencies (MDAs), is designed to improve transaction efficiency and enhance client support.

Governor Cardoso reaffirmed his commitment to the CBN’s initiatives, emphasizing their focus on enhancing service delivery, boosting operational efficiency, and driving sustainability through technology. He expressed pride in the in-house development of these solutions, which significantly reduced implementation costs.

Deputy Governor for Operations, Emem Usoro, applauded the launch as a testament to the CBN’s commitment to operational excellence and stakeholder satisfaction through automation and innovation. She noted that the MDAs Naira Payment Solution will improve service delivery, reduce errors and irregularities, and strengthen fraud prevention.

Mrs. Omoyemen Jide-Samuel, the project lead and Acting Director of the CBN’s Information Technology Department, revealed that the MDAs Naira Payment Solution had undergone successful testing with select MDAs. She emphasized that the solution aligns with the bank’s mission of achieving “Excellence in Central Banking Operations” by projecting a 70% improvement in payment turnaround times and advancing Nigeria’s financial ecosystem.

These initiatives mark a significant leap in the CBN’s efforts to modernize financial transaction management and foster a digitally-driven economy.