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Nigeria: CBN Launches Digital Initiatives to Transform Financial Transactions

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CBN Launches Digital Initiatives to Transform Financial Transactions
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The Central Bank of Nigeria (CBN) has introduced two groundbreaking digital initiatives: the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. These initiatives, unveiled at the CBN Head Office in Abuja on January 15, 2025, are part of the Bank’s ongoing “Digital First” transformation project, initiated in December 2023 under the leadership of Governor Olayemi Cardoso.

The MDAs Naira Payment Solution marks a significant advancement in financial transaction management. It is expected to enhance payment turnaround times by 70%, contributing to the growth of Nigeria’s financial ecosystem.

Governor Cardoso described the solution as a transformative tool designed to automate cash withdrawal processes for MDAs, improving operational efficiency and client support. “This initiative enhances efficiency in financial transactions, minimizes errors, and mitigates fraud. It underscores our commitment to service delivery and sustainability through technological innovation,” he stated, highlighting the cost savings achieved through in-house development of the system.

In addition to this, the DocFlow System aims to modernize the CBN’s document management by digitizing records, reducing paper usage, and streamlining approval workflows. This aligns with the Bank’s broader objective of improving operational efficiency and promoting sustainable practices.

Deputy Governor of Operations, Emem Usoro, emphasized the significance of the launch as a testament to the CBN’s dedication to operational excellence and innovation. She praised the MDAs Naira Payment Solution for its ability to minimize errors, irregularities, and fraud, ultimately enhancing service delivery across MDAs.

Mrs. Jide-Samuel, Acting Director of the CBN’s Information Technology Department and project lead, revealed that the MDAs Naira Payment Solution has already been successfully tested with several MDAs. She noted that the initiative supports the Bank’s overarching goal of achieving “Excellence in Central Banking Operations.”

The launch of these initiatives underscores the CBN’s commitment to leveraging technology for efficiency, transparency, and sustainability. By embracing digital innovation, the Bank aims to solidify its position as a leader in Nigeria’s financial sector and beyond.

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