The Central Bank of Nigeria (CBN) is taking steps to modernise its operations with the launch of two new digital solutions: DocFlow and the MDA Naira Payment Solution. These initiatives, introduced at the bank’s headquarters in Abuja by Governor Olayemi Cardoso, aim to cut costs, speed up processes, and improve service delivery across the board.
The DocFlow system is designed to replace paper-heavy processes with a fully digital document management system. By streamlining approvals and reducing reliance on physical paperwork, the system is expected to save time, improve efficiency, and contribute to environmental sustainability. Governor Cardoso described the launch as a pivotal moment for the bank’s digital transformation efforts, which began in earnest with the “Digital First” strategy unveiled in December 2023.
Meanwhile, the MDA Naira Payment Solution is focused on automating payment processes for Ministries, Departments, and Agencies (MDAs). This system promises faster, more accurate transactions, while also enhancing fraud prevention and reducing errors.
Both solutions were developed in-house, a point of pride for the CBN Governor, who noted the significant cost savings achieved through internal resources. He reiterated the bank’s commitment to leveraging technology to enhance operational efficiency, foster sustainability, and improve service delivery.
Emem Usoro, CBN’s Deputy Governor of Operations, echoed this sentiment, describing the solutions as proof of the bank’s dedication to automating processes and putting stakeholders first. According to her, the MDA Naira Payment Solution, which has already been tested with some MDAs, is expected to improve payment turnaround times by as much as 70%.
These solutions reflect the bank’s ongoing commitment to innovation. Last year, the CBN also announced plans to expand the use of its digital currency, the eNaira, to facilitate payments into government accounts. This would also enable MDAs to initiate vendor and beneficiary payments, driving the adoption of eNaira in both public and private sectors.
