CBN Targets 70% Improvement in Payment Turnaround Time

The Central Bank of Nigeria (CBN) said it is targeting a 70 per cent improvement in its payment turnaround time with the launch of ministries, departments and agencies (MDAs) Naira Payment Solution.

The bank said yesterday that the MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. “It is projected to cause a 70 per cent improvement in payment turnaround time and further improves Nigeria’s financial ecosystem,” it stated.

At the unveiling ceremony, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, who also spoke on the Document Flow (DocFlow) System initiative, said the two efforts are a continuation of the bank’s digital revolution project tagged ‘Digital First’, which was flagged off in December 2023 as one of his transformation initiatives.

Cardoso described the ‘DocFlow’ system as a ground-breaking solution designed to revolutionise the bank’s document management processes by digitising documentation, minimising paper usage, and streamlining the approval processes.

He emphasized the significance of the MDAs Naira Payment Solution, which automates the cash withdrawal process for MDAs, enhancing efficiency in financial transactions and strengthening client support.

Cardoso pledged his commitment to all initiatives of the bank, which aim to enhance service delivery, improve operational efficiency and foster sustainability through technological advancements as well as expressed delight that the two solutions were fully developed in-house, thus saving a lot of costs.

Also speaking at the event, the Deputy Governor in charge of Operations, Emem Usoro, said 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. She further highlighted the benefit of the MDAs.

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