Nigeria's central bank launches digital payment service for government agencies

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January 17, 2025
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2 min read

The Central Bank of Nigeria (CBN) has launched a new naira payment solution aimed at enhancing payment turnaround time for Ministries, Departments, and Agencies (MDAs) by 70%. 

This new solution, unveiled alongside a digital document management system named DocFlow, is set to streamline financial transactions and improve customer support within the public sector. 

"The MDAs Naira Payment Solution is considered a game-changer in the CBN’s financial transaction management. It is projected to cause a 70% improvement in payment turnaround time and further improves Nigeria’s financial ecosystem," a statement released by the bank reads.

The CBN said the launch is an extension of its digital transformation project, "Digital First," which was initiated by the CBN Governor, Olayemi Cardoso, in December 2023 as part of his commitment to modernising the Bank’s operations. 

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During the unveiling ceremony at the Bank’s headquarters, The Governor emphasised the significant impact these digital solutions will have on service delivery, operational efficiency, and sustainability within the financial sector. 

According to the statement, Cardoso "pledged his commitment to all initiatives of the Bank which aims to enhance 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.”

Speaking at the event, the Deputy Governor of Operations, Emem Usoro, highlighted that the launch underscored the CBN’s commitment to operational excellence and fostering a culture of innovation that places a premium on stakeholder satisfaction. She also pointed out that the new payment solutions could help minimize government errors, reduce irregularities, and combat fraud.

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The project lead and Acting Director of the CBN’s Information Technology Department, Jide-Samuel, further revealed that the cash payment solution which has already been successfully tested at some MDAs, aligns with the Bank’s broader objective of ensuring excellence in banking operations. 

These initiatives form part of the CBN’s ongoing efforts to enhance the efficiency and transparency of government financial operations through technology, and they signal a promising step towards improving the overall functioning of Nigeria's financial system.

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A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
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