The Central Financial institution of Nigeria has unveiled two digital improvements—the Doc Stream System and the Ministries, Departments, and Companies Naira Fee Resolution—at an occasion held on Wednesday, January 15, 2025, at its headquarters in Abuja.
A press assertion launched on Thursday described the tasks as a part of the “Digital First” transformation initiative launched by the Governor, Olayemi Cardoso, in December 2023.
The assertion learn: “The Governor of the Central Financial institution of Nigeria, Mr Olayemi Cardoso, has launched two transformative initiatives, the Doc Stream System and the Ministries, Departments, and Companies Naira Fee Resolution.”
Cardoso, in his remarks, harassed the importance of the DocFlow system in overhauling doc administration processes throughout the Financial institution.
He defined that the system goals to digitise operations, cut back paper use, and streamline approval workflows to boost effectivity.
He additionally described the MDAs Naira Fee Resolution as a significant instrument for automating money withdrawal processes for MDAs, noting its potential to enhance service supply and consumer assist.
Cardoso praised the in-house growth of each methods, citing the related value financial savings and their contribution to sustainability by way of technological progress.
The Deputy Governor of Operations, Emem Usoro, mentioned the launch highlighted the Financial institution’s dedication to innovation and operational excellence.
She highlighted the MDAs Naira Fee Resolution’s advantages, together with improved service supply, diminished errors, and stronger measures towards fraud.
The Performing Director of the CBN’s Info Expertise Division, Mrs Jide-Samuel, acknowledged that the MDAs Naira Fee Resolution had been efficiently examined with a number of MDAs and aligns with the Financial institution’s aim of “Excellence in Central Banking Operations.”
The assertion added, “The MDAs Naira Fee Resolution is taken into account a game-changer within the CBN’s monetary transaction administration. It’s projected to enhance cost turnaround time by 70 per cent and additional improve Nigeria’s monetary ecosystem.”