CBN launches digital tools to simplify payment processes

The Central Bank of Nigeria (CBN) has introduced two new digital solutions aimed at improving efficiency and modernising operations: the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.

Unveiled on Wednesday at the bank’s headquarters in Abuja, these tools are part of the “Digital First” initiative launched in December 2023 to enhance service delivery.

CBN Governor Olayemi Cardoso described the DocFlow system as a transformative innovation designed to digitise document management, reduce paper use, and streamline approval processes.

“This solution not only enhances efficiency but also underscores our commitment to sustainability and cost-saving innovation,” he said.

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The MDAs Naira Payment Solution automates cash withdrawals for government ministries, departments, and agencies, promising faster and more secure transactions.

Cardoso noted that it represents a significant step in strengthening client support and improving Nigeria’s financial ecosystem.

Deputy Governor of Operations, Emem Usoro, commended the tools for promoting operational excellence and reducing errors and fraud while the project lead, Mrs. Jide-Samuel, revealed that the solutions have been successfully tested with select agencies.

With a projected 70% improvement in payment turnaround times, the initiative is projected to revolutionise factors in financial transaction management and reinforce Nigeria’s shift towards digital innovation.