in

CBN Launches Naira Payment System to Streamline Public Sector Transactions

Woman submitting credit card to pay for goods

The Central Bank of Nigeria  (CBN) has introduced a new naira payment system designed to improve the payment processing time for Ministries, Departments, and Agencies (MDAs) by 70%.

This new system, launched in conjunction with a digital document management tool called DocFlow, aims to simplify financial transactions and enhance customer service in the public sector.

The MDAs Naira Payment Solution is seen as a transformative step in the CBN’s financial transaction management, expected to boost payment turnaround time by 70% and enhance Nigeria’s financial ecosystem, according to a statement from the bank.

The CBN stated that the launch is part of its “Digital First” initiative, a digital transformation project introduced by CBN Governor Olayemi Cardoso in December 2023, aimed at modernizing the Bank’s operations.

At the unveiling ceremony held at the Bank’s headquarters, the Governor highlighted the substantial impact these digital solutions are expected to have on service delivery, operational efficiency, and sustainability in the financial sector.

Cardoso reaffirmed his dedication to all of the Bank’s initiatives focused on enhancing service delivery, boosting operational efficiency, and promoting sustainability through technological advancements. He also expressed satisfaction that both solutions were developed internally, resulting in significant cost savings, according to the statement.

At the event, Deputy Governor of Operations, Emem Usoro, emphasized that the launch reflected the CBN’s dedication to operational excellence and nurturing a culture of innovation focused on stakeholder satisfaction. She also noted that the new payment solutions could significantly reduce government errors, curb irregularities, and help combat fraud.

Jide-Samuel, the project lead and Acting Director of the CBN’s Information Technology Department, disclosed that the cash payment solution, which has already been successfully piloted in select MDAs, aligns with the Bank’s overarching goal of achieving excellence in banking operations.

These initiatives are integral to the CBN’s continuous drive to boost efficiency and transparency in government financial operations through technology, marking a significant stride towards enhancing the overall performance of Nigeria’s financial system.

SOURCE 

What do you think?

Written by Grace Ashiru

Leave a Reply

Your email address will not be published. Required fields are marked *

Kenya Orders Social Media Firms to Open Local Offices

Selar Disburses ₦9.8 Billion to Digital Creators in 2024, Doubling 2023 Payouts