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CBN targets 70% payment efficiency with MDA naira solution - PREMIUM TIMES
The CBN launched the initiative on Wednesday
The Central Bank of Nigeria (CBN) has unveiled two transformative digital solutions—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.
According to a statement by the bank, the launch was held at the CBN’s headquarters in Abuja on Wednesday.
It said the launch is part of the bank’s ongoing “Digital First” transformation initiative introduced by the governor of the CBN, Olayemi Cardoso, in December 2023.
Mr Cardoso described the DocFlow System as a groundbreaking tool designed to digitise document management, reduce paper consumption, and streamline approval processes within the bank.
He explained that the MDAs Naira Payment Solution automates cash withdrawal processes for MDAs, ensuring efficiency in financial transactions while strengthening client support mechanisms.
According to the statement, Mr Cardoso described the DocFlow system as a groundbreaking solution designed to revolutionise the bank’s document management processes by digitising documentation, minimising paper usage, and streamlining the approval processes.
He emphasised the significance of the MDA Naira Payment Solution, which automates the cash withdrawal process for MDAs, enhancing efficiency in financial transactions and strengthening client support.
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He also pledged his commitment to all the bank’s initiatives, which aim to enhance service delivery, improve operational efficiency, and foster sustainability through technological advancements. He expressed delight that the two solutions were fully developed in-house, thus saving many costs.
The Deputy Governor of Operations, Emem Usoro, emphasised the significance of these innovations in driving operational excellence. She noted that the MDA Naira Payment Solution would significantly improve service delivery to government agencies, reduce errors and irregularities, and strengthen safeguards against fraud.
The Acting Director of the Information Technology Department and project lead, Jide-Samuel, disclosed that the MDAs Naira Payment Solution had been successfully tested with select agencies.
She highlighted its alignment with the bank’s enterprise objective of achieving “Excellence in Central Banking Operations” and projected that the solution would improve payment turnaround times by 70%.
“The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. The statement said it is projected to cause a 70% improvement in payment turnaround time and further improve Nigeria’s financial ecosystem,” the statement said.
