Olufemi Adeyemi 

The Central Bank of Nigeria (CBN) unveiled two digital initiatives—the Document Flow (DocFlow) System and the Naira Payment Solution for Ministries, Departments, and Agencies (MDAs)—during an event on Wednesday, January 15, 2025, at the Bank's headquarters in Abuja.

A press release issued on Thursday indicated that these projects are integral to the "Digital First" transformation initiative initiated by Governor Olayemi Cardoso in December 2023.

The statement read, “The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has launched two transformative initiatives, the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.” 

Governor Cardoso underscored the essential function of the DocFlow system in revolutionizing document management practices at the Bank. This system aims to digitize operations, significantly lessen reliance on paper, and optimize approval workflows, ultimately enhancing operational efficiency.

Additionally, Cardoso pointed out the importance of the MDAs Naira Payment Solution as a vital instrument for automating cash withdrawal processes for MDAs, which will lead to improved service delivery and better client support. He praised the internal development of both solutions, emphasizing the cost savings and dedication to promoting sustainability through technological innovation.

Deputy Governor of Operations, Emem Usoro, remarked that the launch signifies the Bank’s commitment to innovation and operational excellence. She detailed the advantages of the MDAs Naira Payment Solution, such as improved service delivery, minimized errors, and reinforced protections against fraud.

L-R: Deputy governor, Economic Policy, Central Bank of Nigeria (CBN), Muhammed Sani Abubakar, CBN Governor, Mr. Olayemi Cardoso, Deputy Governor, Cooperate Services, Dr. Bala M. Bello and Deputy Governor, Financial system Stability, Philip Ikeazor, during the press conference on the outcome of the First Monetary Policy Committee (MPC) meeting of 2024, at the CBN headquarters, yesterday in Abuja.
Acting Director of the CBN’s Information Technology Department, Mrs. Jide-Samuel, shared insights into the development and testing phases of the MDAs Naira Payment Solution. She indicated that the system has successfully undergone trials with multiple MDAs, showcasing its reliability and alignment with the Bank’s goal of achieving “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 cause a 70% improvement in payment turnaround time and further improves Nigeria’s financial ecosystem.” 

By implementing these digital solutions, the CBN seeks to lower expenses, expedite service delivery, and foster environmental sustainability by minimizing paper consumption.

This launch represents a significant step in the CBN’s progression towards a completely digital operational framework, reinforcing its position as a pioneer in the adoption of technology-driven solutions within Nigeria’s financial landscape.

The CBN intends to broaden the application of its digital currency, eNaira, to streamline payments into government accounts and enable Ministries, Departments, and Agencies (MDAs) to initiate payments to vendors and beneficiaries.

This initiative is part of the CBN’s ongoing commitment to promote the use of eNaira across both public and private sectors. However, the CBN has not yet revealed whether the eNaira will be incorporated into the newly introduced payment solution for MDAs.