First Bank of Nigeria Ltd (FirstBank) has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app.
A statement on Wednesday by Olayinka Ijabiyi, First Bank’s Acting Group Head, Marketing and Corporate Communications said that the platform is enabling customers make instant, secure and local currency-based cross-border payments across Africa.
PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables instant, low-cost payments in local currencies between African countries.
Speaking on the integration, the Group Executive, e-Business and Retail Products, First Bank, Chuma Ezirim, said that the integration showed First Bank’s commitment to delivering innovative, customer-centric solutions that simplify and enhance financial transactions.
“This milestone aligns with the Bank’s strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa,” he said.
Commenting, Mike Ogbalu, CEO, PAPSS said every time an individual, SME or a company sends money instantly within Africa in their own currency, funds are not just moved but cross border ambitions connected.
“This collaboration with First Bank and their LIT app brings us a step closer to making African borders invisible to movement of money, so that the continent’s entrepreneurs and families can focus on what matters most: building their future, not battling payment barriers,” he said.
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, designed to meet the dynamic needs of customers.
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). #FirstBank Integrates PAPSS into App to Ease Cross-Border Payments AXA Mansard Jumps by 12% as Investors Bet on Earnings Outlook
