Market News

By Philip Shimnom Clement 

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has launched two transformative initiatives; the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.

The launch, held at the CBN Head Office Abuja on January 15, 2025, is a continuation of the bank’s digital revolution project tagged “Digital First” which was flagged off by the governor in December 2023 as one of his transformation initiatives.

Speaking at the event, 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 MDAs Naira Payment Solution, which automates the cash withdrawal process for MDAs, enhancing efficiency in financial transactions and strengthening client support.

Cardoso pledged his commitment to all initiatives of the bank which aims to enhance service delivery, improve operational efficiency, and foster sustainability through technological advancements, and expressed delight that the two solutions were fully developed in-house, thus saving a lot of costs.

Also speaking at the event, the Deputy Governor, Operations, Emem Usoro, stated that the launch of the solutions demonstrated the bank’s desire for operational excellence through process automation and creating a culture of innovation that prioritises stakeholders’ satisfaction.

She further highlighted the benefit of the MDAs Naira Payment Solution to include improved service delivery to the MDAs, while minimising errors, irregularities and mitigating against fraud.