Cardoso Launches Initiatives to Enhance Payment Approval Processes
Mr. Olayemi Cardoso
Cardoso Launches Initiatives to Enhance Payment Approval Processes
Cardoso Launches Initiatives to Enhance Payment Approval Processes
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has unveiled two transformative initiatives aimed at improving payment turnaround time and streamlining document approval processes.
The launch of the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution on Wednesday, marked 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 groundbreaking solution designed to revolutionise the apex bank’s document management processes by digitising documentation, minimising paper usage, and streamlining the approval processes.
On the other hand, he said the MDAs Naira Payment Solution, automates the cash withdrawal process for MDAs, enhancing efficiency in financial transactions and strengthening client support.
He also pledged his commitment to all initiatives of the bank aimed at enhancing service delivery, improve operational efficiency, and foster sustainability through technological advancements and expressed delight that the two solutions were fully developed in-house, thus saving a lot of costs.
Also speaking at the event, CBN Deputy Governor, Operations, Emem Usoro, stated that the launch of the solutions demonstrated the bank’s desire for operational excellence through process automation and creating a culture of innovation that prioritises stakeholders’ satisfaction.
She further highlighted the benefit of the MDAs Naira Payment Solution to include improved service delivery to MDAs, while minimising errors, irregularities and mitigating against fraud.
Cardoso Launches Initiatives to Enhance Payment Approval Processes.
The project lead who is the acting CBN Director, Information Technology Department, Mrs. Jide-Samuel, said the MDA Cash Payment Solution had been successfully tested with some MDAs and aligns with the CBN’s enterprise objective of “Excellence in Central Banking Operations”.
In a statement, the central bank noted that the MDAs Naira solution remained a game-changer in the CBN’s financial transaction management, which is projected to lead to a 70 per cent improvement in payment turnaround time as well as boost the country’s financial ecosystem.
