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CBN Targets 70% Faster Payments with New Digital Solutions

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CBN Export Repatriation
  • CBN Launches Digital Innovations to Enhance Efficiency
  • Newly introduced DocFlow System and MDAs Naira Payment Solution to enhance efficiency 
  • CBN says it’s already 70% faster 

The Central Bank of Nigeria (CBN) has introduced two groundbreaking digital solutions—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—designed to modernize operations and boost efficiency.

These innovations were unveiled on Wednesday at the CBN headquarters in Abuja as part of the bank’s “Digital First” initiative launched in December 2023 to improve service delivery.

CBN Governor Olayemi Cardoso described the DocFlow System as a transformative tool aimed at digitizing document management processes, reducing paper use, and expediting approvals.

 

“This solution not only enhances efficiency but also underscores our commitment to sustainability and cost-saving innovation,” Cardoso stated.

The system is expected to streamline operations significantly while promoting environmentally friendly practices.

 

Similarly, the MDAs Naira Payment Solution focuses on automating cash withdrawals for government ministries, departments, and agencies.

This innovation is set to deliver faster, more secure transactions, which Governor Cardoso noted is a crucial step towards strengthening client support and advancing Nigeria’s financial ecosystem.

 

Deputy Governor of Operations, Emem Usoro, praised the tools for their potential to promote operational excellence and reduce errors and fraud.

She emphasized their significance in improving efficiency across the banking sector.

Project lead Mrs. Jide-Samuel revealed that the solutions have undergone successful trials with select agencies, showcasing their reliability and readiness for broader deployment.

 

The initiative promises to revolutionize financial transaction management, with a projected 70% improvement in payment turnaround times. By embracing these advanced technologies, the CBN is reinforcing Nigeria’s shift towards digital innovation, reflecting its dedication to a more efficient and secure financial landscape.

This move underscores the bank’s mission to modernize operations and aligns with global trends prioritizing technology-driven solutions for governance and financial management.

 

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