By Stanley Onyeka, Lagos
FirstBank of Nigeria Limited has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app.
The premier lender said the move will enable customers to 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 at FirstBank, Chuma Ezirim, was quoted as saying in a statement: “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.
“This milestone aligns with the Bank’s strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa.”
Commenting on this collaboration, CEO of PAPSS, Mike Ogbalu, said: “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.
“This collaboration with FirstBank 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.”
The LIT App, FirstBank’s innovative digital banking platform, is said to offer 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 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.
The statement firther said that 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).
“This integration of PAPSS to the LIT app reinforces FirstBank’s leadership in digital banking innovation and supports the African Continental Free Trade Area (AfCFTA) agenda by simplifying intra-African transactions.”
FirstBank, established in 1894, is the premier bank in West Africa, and a leading financial inclusion services provider in Africa, and a digital banking giant.
It also has international footprints that cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China.
All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.
