FirstBank has successfully integrated the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app.
This integration enables customers to make instant, secure, and local currency-based cross-border payments across Africa.
The PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, allows for instant, low-cost payments in local currencies between African countries.
According to Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, “The integration of PAPSS into the LIT app is a testament to FirstBank’s commitment to delivering innovative, customer-centric solutions that simplify and enhance financial transactions.”
Mike Ogbalu, CEO of PAPSS, added, “Every time an individual, an SME or a company sends money instantly within Africa in their own currency, we are not just moving funds, we are connecting ambitions, supporting livelihoods, and bridging dreams across borders.”
The LIT App, FirstBank’s innovative digital banking platform, offers a wide range of features, including virtual cards, scheduled payments, and multiple transfers in one go.
The addition of PAPSS expands its capabilities to support cross-border commerce, especially for individuals and SMEs engaged in pan-African business.
With PAPSS now live on the LIT App, FirstBank is breaking down barriers to payments, trade, and financial inclusion across Africa.
Customers can now send funds conveniently to other countries in Naira, without needing US dollar, GBP, or Euro conversions.
This landmark integration enables real-time cross-border payments in local African currencies, reduces transaction costs, and improves settlement efficiency.
It also expands access to digital banking services, promotes financial inclusion, supports SMEs, and fosters growth under the African Continental Free Trade Area (AfCFTA).
The integration of PAPSS into the LIT app reinforces FirstBank’s leadership in digital banking innovation and supports the AfCFTA agenda by simplifying intra-African transactions.
Comment here