January 16, (THEWILL) – The Central Bank of Nigeria has made changes in the designations of the roles of two deputy governors within its directorate.
THEWILL reports that Dr. Bala Bello, Deputy Governor Corporate Services has been re-assigned as Deputy Governor of Operations, while Emem Usoro will take over as Deputy Governor, Corporate Services.
The changes take effect January 20, 2025.
Bello and Usoro assumed office as Deputy Governors at the apex bank on October 5, 2023.
Meanwhile, the CBN on Thursday launched a Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution to reduce the use of cash for government transactions.
Governor Olayemi Cardoso launched the Document Flow System and the Ministries, Departments, and Agencies Naira Payment Solution on Thursday in Abuja.
The MDAs Naira Payment Solution is expected to be a game-changer in CBN’s financial transaction management, with projections indicating a 70 per cent improvement in payment turnaround times, which will further strengthen Nigeria’s financial ecosystem.
Cardoso said the initiative is a continuation of the bank’s digital revolution project tagged “Digital First”.
The Digital First Initiative was flagged off by the Governor in December 2023 as one of his transformation initiatives.
Cardoso described the DocFlow system as a transformative solution that will revolutionize the bank’s document management by digitizing paperwork, reducing paper usage, and streamlining the approval process.
He also highlighted the importance of the MDAs Naira Payment Solution, which automates the cash withdrawal process for MDAs, improving efficiency in financial transactions and enhancing client support.
He reaffirmed his commitment to all of the Bank’s initiatives aimed at improving service delivery, boosting operational efficiency, and promoting sustainability through technological innovation.
Mrs. Jide-Samuel, the project lead and Acting Director of CBN’s Information Technology Department, said the MDA Cash Payment Solution had been successfully tested with several MDAs and aligns with the bank’s goal of achieving “Excellence in Central Banking Operations.”
In her remarks, Usoro, said the introduction of these solutions underscores the bank’s commitment to operational excellence, process automation, and fostering a culture of innovation that prioritizes stakeholder satisfaction.
She outlined the benefits of the MDAs’ Naira Payment Solution, including improved service delivery to the MDAs, reduced errors, minimized irregularities, and enhanced fraud prevention.
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