CBN LAUNCHES DIGITAL SYSTEMS TO BOOST GOVERNMENT EFFICIENCY
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The Central Bank of Nigeria has unveiled two digital innovations the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution at an event held on Wednesday, January 15, 2025, at its headquarters in Abuja.
A press statement released on Thursday described the projects as part of the “Digital First” transformation initiative launched by the Governor, Olayemi Cardoso, in December 2023.
The statement 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.”
Cardoso, in his remarks, stressed the significance of the DocFlow system in overhauling document management processes within the Bank.
He clarified that the system’s goals are to increase productivity by digitising processes, cutting down on paper use, and streamlining approval workflows.
Additionally, he highlighted the MDAs Naira Payment Solution’s potential to enhance client assistance and service delivery while describing it as an essential tool for automating cash withdrawal procedures for MDAs.
Cardoso commended the internal development of both systems, pointing to the cost reductions and technological advancements that contribute to sustainability.
According to Emem Usoro, Deputy Governor of Operations, the launch demonstrated the Bank’s dedication to operational excellence and innovation.
She highlighted the MDAs Naira Payment Solution’s benefits, including improved service delivery, reduced errors, and stronger measures against fraud.
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The Acting Director of the CBN’s Information Technology Department, Mrs Jide-Samuel, stated that the MDAs Naira Payment Solution had been successfully tested with several MDAs and aligns with the Bank’s goal of “Excellence in Central Banking Operations.”
The statement added, “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.”
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