CBN Targets Faster Payment Processing with 70% Improvement Goal.

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The Central Bank of Nigeria (CBN) has launched the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution to improve it’s payment turnaround time by 70%. The bank stated that the MDAs Naira Payment Solution is a game-changer in its financial transaction management. “It is projected to cause a 70 percent improvement in payment turnaround time and further improve Nigeria’s financial ecosystem,” it stated.

The CBN Governor, Olayemi Cardoso, spoke at the unveiling ceremony, highlighting the Document Flow (DocFlow) System initiative. He described the ‘DocFlow’ system as a groundbreaking solution that will revolutionize the bank’s document management processes. 

Cardoso also emphasized the significance of the MDAs Naira Payment Solution, which automates the cash withdrawal process for MDAs

“We intended to make our services more efficient,” he said, although the exact quote was not provided in the original text.

The Deputy Governor in charge of Operations, Emem Usoro, also spoke at the event. 

“The launch of the solutions demonstrated the bank’s desire for operational excellence through process automation and creating a culture of innovation that prioritizes stakeholders’ satisfaction.”

The project lead and acting director of CBN’s Information Technology Department, Jide-Samuel, confirmed that the MDA Cash Payment Solution has been successfully tested with some MDAs. “The MDA Cash Payment Solution has been successfully tested with some MDAs, and it aligns with the bank’s enterprise objective of excellence in central banking operations.”

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