FirstBank, the premier bank in West Africa and a leading force in financial inclusion, has announced a landmark achievement set to revolutionise intra-African commerce: the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT App.
This transformative integration now empowers FirstBank customers to execute instant, secure, and low-cost cross-border payments across Africa, settled directly in local currencies.
The Pan-African Payment and Settlement System (PAPSS) is an initiative championed by the African Export-Import Bank (Afreximbank), in strategic collaboration with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat.
Its core mandate is to serve as the critical infrastructure enabling instant, local-currency payments between African nations, thereby eliminating the reliance on third-party international currencies like the US Dollar or the Euro.
The significance of this integration for African trade, particularly for Small and Medium-sized Enterprises (SMEs) and individuals, cannot be overstated.
With PAPSS now live on the LIT App, FirstBank is effectively breaking down barriers to payments, trade, and financial inclusion.
Customers can now conveniently send funds to other participating countries in Naira, without the previous necessity of complex and expensive conversions to US dollar, GBP, or Euro.
Speaking on the milestone, Mr Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, framed the move afulfilmentment of the bank’s core strategic goals.
“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,” Mr Ezirim stated.
The LIT App, known for its extensive features including virtual cards, scheduled payments, and multiple transfers in one go, significantly expands its capabilities through PAPSS, providing vital support for cross-border commerce.
Commenting on the collaboration, Mr Mike Ogbalu, CEO of PAPSS, articulated the human and economic impact of the partnership.
“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 the movement of money, so that the continent’s entrepreneurs and families can focus on what matters most: building their future, not battling payment barriers,” Mr Ogbalu said.
#FirstBank #PAPSS #LITApp #AfCFTA #CrossBorderPayments #DigitalBanking #AfricaTrade #FinancialInclusion #Afreximbank
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