CBN launches digital solutions to automate cash withdrawal processes for MDAs

The Central Bank of Nigeria (CBN) has unveiled two digital solutions to reduce the use of cash for government transactions.

The innovations are the document flow (DocFLow) system and the ministries, departments, and agencies (MDAs) naira payment solution.

According to a statement on Thursday, Olayemi Cardoso, CBN’s governor, launched the initiatives on January 15 in Abuja.

Cardoso described the projects as part of the bank’s digital revolution project tagged, ‘Digital First’.

The governor had flagged off the ‘Digital First’ initiative in December 2023 as one of his transformation initiatives.

Speaking on the two solutions, Cardoso said the DocFlow system would revolutionise the bank’s document management by digitising paperwork, reducing paper usage, and streamlining the approval process.

He said the MDAs naira payment solution is a vital tool for automating cash withdrawal processes for MDAs, noting its potential to improve service delivery and client support.

Cardoso also lauded the in-house development of both systems, citing the associated cost savings and their contribution to sustainability through technological progress.

On his part, Emem Usoro, CBN’s deputy governor of operations, said the launch highlighted the bank’s commitment to innovation and operational excellence.

Usoro said improved service delivery, reduced errors, and stronger measures against fraud are the benefits of the MDAs naira payment solution.

Omoyemen Jide-Samuel, acting director of the CBN’s information technology department, said the MDAs naira payment solution has been successfully tested with several MDAs and aligns with the bank’s goal of “Excellence in Central Banking Operations.”

She said the payment solution is considered a game-changer in the CBN’s financial transaction management.

Jide-Samuel said the initiative is projected to “improve payment turnaround time by 70 percent and further enhance Nigeria’s financial ecosystem”.