The Central Bank of Nigeria (CBN) has introduced a new naira payment solution designed to significantly enhance the payment turnaround time for Ministries, Departments, and Agencies (MDAs) by 70%. This innovative solution was unveiled alongside a digital document management system named DocFlow, both aimed at streamlining financial transactions and improving customer support within the public sector.
In a statement released by the bank, the MDAs Naira Payment Solution is described as a transformative tool in the CBN’s financial transaction management. It is expected to lead to a 70% improvement in payment turnaround time, thereby enhancing Nigeria’s financial ecosystem.
The launch of these solutions is part of the CBN’s broader digital transformation project, “Digital First,” initiated by CBN Governor Olayemi Cardoso in December 2023. This initiative underscores his commitment to modernizing the Bank’s operations. During the unveiling ceremony at the Bank’s headquarters, Governor Cardoso emphasized the significant impact these digital solutions will have on service delivery, operational efficiency, and sustainability within the financial sector.
Governor Cardoso expressed his dedication to all initiatives aimed at enhancing service delivery, improving operational efficiency, and fostering sustainability through technological advancements. He also highlighted that the development of these solutions in-house has resulted in substantial cost savings.
Deputy Governor of Operations, Emem Usoro, speaking at the event, underscored the CBN’s commitment to operational excellence and fostering a culture of innovation that prioritizes stakeholder satisfaction. She noted that the new payment solutions could help minimize government errors, reduce irregularities, and combat fraud.
Project lead and Acting Director of the CBN’s Information Technology Department, Jide-Samuel, revealed that the cash payment solution has already been successfully tested at some MDAs. This aligns with the Bank’s broader objective of ensuring excellence in banking operations.
These initiatives are part of the CBN’s ongoing efforts to enhance the efficiency and transparency of government financial operations through technology. They represent a promising step towards improving the overall functioning of Nigeria’s financial system.
