FirstBank has announced the successful integration of the Pan-African Payment and Settlement System into its flagship digital banking platform, the LIT app, enabling customers to make instant, secure, and local currency-based cross-border payments across Africa.
The bank disclosed this in a statement on Wednesday.
PAPSS, developed by the African Export-Import Bank 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, said, “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, Chief Executive Officer of PAPSS, Mike Ogbalu III, 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 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.”
The LIT App, FirstBank’s 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 conversions to US dollars, GBP, or euros.
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,” added the bank.
