CBN unveils digital solutions to boost efficiency, service delivery public sector

The Central Bank of Nigeria (CBN) has launched two innovative digital initiatives aimed at transforming financial operations in the public sector.

The new systems—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—were unveiled on Wednesday, January 15, 2025, at the Bank’s headquarters in Abuja.

The launch of these initiatives is a key component of the CBN’s “Digital First” transformation agenda, which was initiated by Governor Olayemi Cardoso in December 2023.

The projects are designed to enhance operational efficiency, reduce costs, and drive sustainability within the financial sector.

Governor Olayemi Cardoso, in his address, emphasized that the DocFlow system will revolutionize how documents are managed within the Bank. By digitizing document processes, the system aims to reduce the dependency on paper, streamline approval workflows, and improve overall operational efficiency.

“This initiative marks a significant step towards fostering operational excellence in the CBN,” Cardoso said.

Another significant development is the introduction of the MDAs Naira Payment Solution, a system designed to automate the cash withdrawal processes for MDAs.

This solution is expected to enhance service delivery, improve transaction accuracy, and strengthen fraud prevention measures. Deputy Governor of Operations, Emem Usoro, praised the initiative, noting that it would significantly reduce errors and expedite payment turnaround times.

Acting Director of the CBN’s Information Technology Department, Mrs. Jide-Samuel, shared that the system had been successfully trialed with several MDAs, confirming its effectiveness in streamlining financial operations.

“This solution will improve Nigeria’s financial ecosystem and is projected to result in a 70 per cent reduction in payment processing time,” she added.

Both initiatives were developed in-house, aligning with the CBN’s strategy of cost savings and sustainable growth. Governor Cardoso highlighted the importance of technological innovation in the CBN’s mission to lead by example in adopting modern solutions that benefit the nation.

In addition to operational gains, the Bank is committed to environmental sustainability. With reduced reliance on paper, the new digital systems are expected to have a positive environmental impact.

The CBN’s push for digital transformation also extends to its plans for expanding the use of the eNaira. Earlier reports revealed that the Bank is working on incorporating eNaira into public sector payments, enabling Ministries, Departments, and Agencies (MDAs) to make vendor and beneficiary payments. Although the integration of eNaira into the newly launched MDAs Naira Payment Solution has not been officially confirmed, it remains a possibility in the near future.

The introduction of the DocFlow and MDAs Naira Payment Solution marks a major milestone in the CBN’s ongoing digitization efforts. These initiatives not only improve efficiency and service delivery but also reinforce Nigeria’s financial system’s resilience in the face of global technological advancements.

As the country moves toward greater digital adoption, the CBN’s initiatives will play a crucial role in driving the nation’s transition to a more innovative, sustainable, and technologically advanced economy.