- The Central Bank of Nigeria has launched two digital solutions to enhance government operations
- The initiatives are the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution
- They highlight the CBN’s commitment to innovation and excellence
The Central Bank of Nigeria (CBN) has launched two digital initiatives to enhance government operations.
The initiatives are the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution.
According to a statement released by the CBN on Thursday, January 16, the initiatives were unveiled at an event held at its headquarters in Abuja on Wednesday, January 15.
The statement said the projects are part of the “Digital First” transformation initiative launched by the CBN governor, Olayemi Cardoso, in December 2023.
It read, “The governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has launched two transformative initiatives, the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution.”
CBN says initiatives are to enhance efficiency
In his remarks, Cardoso emphasised the significance of the DocFlow system in overhauling document management processes within the bank.
He explained that the system aims to digitise operations, reduce paper use, and streamline approval workflows to enhance efficiency.
The CBN governor also described the MDAs Naira Payment Solution as a vital tool for automating cash withdrawal processes for MDAs, stressing its potential to improve service delivery and client support.
Cardoso commended the in-house development of both systems, stressing the attendant cost savings and their contribution to sustainability through technological progress.
Commitment to innovation and excellence
The Deputy Governor of Operations, Emem Usoro, also noted that the launch of the initiatives is evidence of CBN’s commitment to innovation and operational excellence.
Usoro said the MDAs Naira Payment Solution offers such benefits as improved service delivery, reduced errors, and stronger measures against fraud.
The acting Director of the CBN’s Information Technology Department, Mrs Jide-Samuel, said the MDAs Naira Payment Solution had been successfully tested with several MDAs and aligns with the apex bank’s goal of “Excellence in Central Banking Operations.”
The statement read, “The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. It is projected to improve payment turnaround time by 70 per cent and further enhance Nigeria’s financial ecosystem.”
It would be recalled that the CBN disclosed plans to expand the use of the eNaira to facilitate payments into government accounts and allow MDAs to initiate vendor and beneficiary payments, to enhance the adoption of the eNaira digital currency in both the public and private sectors.
CBN introduces accounts to allow diasporans to invest in Nigeria, bars local deposits
Meanwhile, TheRadar earlier reported that the Central Bank of Nigeria (CBN) introduced two new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), aimed at attracting investments from Nigerians living abroad.
The CBN said these accounts aim to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora.
