CBN launches DocFlow, MDA Naira payment solutions

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has launched the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.

According to the apex bank, the launch is a continuation of the Bank’s digital revolution project tagged “Digital First” which was flagged off by the Governor in December 2023 as one of his transformation initiatives.

Cardoso described the DocFlow system as a ground breaking solution designed to revolutionize the Bank’s document management processes by digitizing documentation, minimizing paper usage, and streamlining the approval processes.

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

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.

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