The Central Bank of Nigeria (CBN) has officially unveiled two digital payment service the Document Flow and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution to improve and to enhance government transactions by 70% thereby reducing the risk of fraud and errors and to facilitate a secured and seamless transactions.
This new revolutionary project was part of the ongoing "Digital First" which was initiated by the governor in December 2023 as one of his transformation initiatives.
The Governor of the Central Bank Mr. Olayemi Cardoso has now recently launched these digital payment services aimed to improve a turnaround time and to further improve Nigeria's financial ecosystem which was held January 15 at the CBN Head office, Plot 33, Abubakar Tafawa Balewa Way Central Business District, Cadastral Zone, in (FCT) Abuja, Nigeria.
In his address, the governor pledged his commitment together with his subordinates Deputy Governor Emem Usoro and the Acting Director of CBN's Information, Technology Department (project lead), Mrs. Jide Samuel.
Cardoso said during the occasion that the DocFlow system is a revolutionary solution that will transform the bank's document, management procedures by digitizing documentation, reducing the amount of paper used, and speeding up the approval procedures.
Cardoso further emphasized the importance of the MDAs Naira Payment Solution in automating cash withdrawal procedures for MDAs, which will boost customer assistance and service delivery. He praised the internal development of both solutions, emphasizing the financial savings and dedication to using technology to promote sustainability.
The Deputy Governor, noted that the system is an evidence of the Bank's commitment to operational excellence and innovation. She also listed the beneficial effect of the MDAs naira solution such as;
- Improved fraud protection
- Less errors
- Improved service delivery
Mrs. Jide Samuel, the acting director , gave details about the MDAs Naira Payment Solution's development and testing process . She disclosed that a number of MDAs has successfully tested the system , proving its dependability and compatibility with the Bank's goal of "Excellence in Central Banking Operations".
The statement reads "The MDAs Naira Payment Solution is considered a game-changer, projected to cause 70% improvement in the payment turnaround time and furthermore, improves Nigeria's financial ecosystem".
The launched transformative initiatives, the Ministries, Departments, and Agencies (MDAs) naira payment solution and the Document Flow (DocFlow) marks another significant milestone in Nigeria's journey towards cashless economy, providing a five years strategic roadmap for the Nigeria payments services to strengthen adoption of electronic payment networks, cost effectiveness, financial inclusion, and economic growth.