FirstBank, West Africa’s premier financial institution and a leading financial inclusion service provider, has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT App. The integration enables 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 (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, facilitates instant, low-cost payments between African countries using their local currencies.
Speaking on the development, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, 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 our strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa.”
Also commenting, Mike Ogbalu, CEO of PAPSS, described the partnership as a major step in removing barriers to intra-African payments.
“Every time an individual, an SME or a company sends money instantly within Africa in their own currency, we are connecting ambitions and bridging dreams across borders. This collaboration with FirstBank brings us closer to making African borders invisible to the movement of money,” Ogbalu said.
The LIT App, FirstBank’s innovative digital platform, already offers features such as virtual cards, scheduled payments, and multiple transfers. With PAPSS now live on the platform, users can send funds conveniently to other African countries in Naira, without needing conversions to US dollars, pounds, or euros.
This integration marks a significant leap for digital banking in Africa, promoting financial inclusion, supporting SMEs, reducing transaction costs, and fostering growth under the AfCFTA framework.
FirstBank reaffirmed that the move reinforces its leadership in digital banking innovation and supports the vision of a more connected, borderless African economy.
