The Central Bank of Nigeria has made significant strides in digital transformation by launching two groundbreaking innovations—the Document Flow System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—during an event at its Abuja headquarters on January 15, 2025.
This initiative is part of the “Digital First” transformation drive initiated by the Central Bank’s Governor, Olayemi Cardoso, in December 2023. The launch underscores the Bank’s commitment to modernizing its processes and enhancing operational efficiency.
During the event, Governor Cardoso emphasized the importance of the Document Flow System in revolutionizing document management within the Bank. He highlighted its capacity to digitize operations, minimize paper usage, and streamline approval workflows, thereby improving overall efficiency.
The MDAs Naira Payment Solution was presented as a critical instrument for automating cash withdrawal processes for various government agencies. Cardoso pointed out its potential to enhance service delivery and support client needs effectively. He commended the in-house development of both systems, which not only save costs but also promote sustainability through technological advancements.
Deputy Governor of Operations, Emem Usoro, affirmed that the launches reflect the Bank’s dedication to innovation and operational excellence. She noted the MDAs Naira Payment Solution’s advantages, including enhanced service delivery, reduced errors, and strengthened anti-fraud measures.
The Acting Director of the CBN’s Information Technology Department highlighted that the MDAs Naira Payment Solution has undergone successful testing with multiple agencies, aligning with the Bank’s objective of achieving excellence in its operations.
The statement from the Central Bank concluded that the MDAs Naira Payment Solution is a pivotal advancement in the management of financial transactions, forecasting a 70% improvement in payment turnaround times, thus significantly boosting Nigeria’s financial landscape.
