FirstBank of Nigeria has announced the integration of the Pan-African Payment and Settlement System (PAPSS) into its digital banking platform, the LIT App, enabling customers to make instant, secure, and local currency-based cross-border payments across Africa.
The bank said the move aligns with its commitment to financial inclusion and digital innovation, and supports the African Continental Free Trade Area (AfCFTA) agenda.
PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, facilitates low-cost payments in local currencies between African countries.
Speaking on the integration, FirstBank’s Group Executive, e-Business and Retail Products, Mr. Chuma Ezirim, said the milestone reflects the bank’s strategic goal of expanding access to seamless cross-border payment services.
“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,” Ezirim said.
PAPSS CEO, Mr. Mike Ogbalu, described the partnership as a step toward eliminating payment barriers across the continent.
“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,” he said.
The LIT App offers features such as virtual cards, scheduled payments, and multiple transfers, and now supports real-time cross-border payments in local African currencies. Customers can send funds in Naira without converting to US dollars, pounds, or euros.
FirstBank said the integration will reduce transaction costs, improve settlement efficiency, and promote financial inclusion and SME growth across Africa
