CBN Moves To End Cash Transactions in Govt, Launches DocFlow, MDA Naira Payment Solutions

• To end cash transactions in government offices, the CBN has announced new payment solutions
• The new solutions called the DocFlow System and MDAs Naira Payment Solution to reduce cash use and improve efficiency
• This is considered a big win for the Tinubu-led administration looking to digitise processes and cut payment turnaround by 70%

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has launched the DocFlow and MDA Naira Payment Solution System to reduce reliance on cash for government transactions.

The unveiling was held at the CBN Head Office in Abuja, led by the apex bank governor, Olayemi Cardoso, on Thursday, December 16.

At the event, Cardoso described the DocFlow System as a transformative tool for document management within the bank.

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He said.

“This system digitises paperwork, reduces paper usage, and streamlines the approval process, which will significantly enhance efficiency and reduce operational bottlenecks."

Channels TV reports that Cardoso described the DocFlow system as a groundbreaking solution designed to revolutionise the bank’s document management processes by digitising documentation, minimising paper usage, and streamlining the approval processes.

The MDAs Naira Payment Solution will automate the cash withdrawal process for MDAs, enhancing efficiency in financial transactions and strengthening client support.

Cardoso reaffirmed his commitment to the bank’s initiatives to improve service delivery, boost operational efficiency, and promote sustainability through technological innovation.

The CBN boss also expressed satisfaction that both solutions were developed internally, resulting in significant cost savings.

More details about new CBN payment system

Emem Usoro, the deputy governor of operations who also spoke at the launch, noted that the two payment solutions demonstrated the bank’s desire for operational excellence through process automation and creating a culture of innovation that prioritises stakeholders’ satisfaction.

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She further highlighted the benefit of the MDA's Naira Payment Solution, including improved service delivery to the MDAs while minimising errors and irregularities and mitigating fraud, Punch reports.

Also speaking, Jide-Samuel, the project lead and Acting Director of CBN’s Information Technology Department, disclosed that the MDA Cash Payment Solution has been successfully tested with some MDAs and aligns with the bank’s enterprise objective of “Excellence in Central Banking Operations”.

The MDA Naira Payment Solution is a game-changer in the CBN’s financial transaction management.

It is projected to cause a 70% improvement in payment turnaround time and further improve Nigeria’s financial ecosystem.

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Source: Legit.ng