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FirstBank Advances Pan-African Payment Innovation
FirstBank, West Africa’s premier financial institution and a leader in financial inclusion, has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT App.
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This strategic milestone enables customers to make instant, secure, and local currency-based cross-border payments across African countries. The integration is further simplifying trade and financial transactions within the continent.
Seamless Cross-Border Payments in Local Currencies
PAPSS was developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat. It allows instant and low-cost transactions between African nations using local currencies.
Through this integration, FirstBank customers can now send money conveniently to other African countries directly in Naira. With the app, they can do this without converting to foreign currencies such as the US Dollar, GBP, or Euro. This marks a significant advancement in reducing transaction costs, enhancing settlement speed, and boosting financial inclusion.
FirstBank’s Commitment to Digital Transformation
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 the Bank’s strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa.”
The LIT App, designed to meet evolving customer needs, features virtual cards, scheduled payments, bulk transfers, and now, cross-border payment functionality through PAPSS.
PAPSS: Making African Borders Invisible for Money Movement
In his remarks, Mike Ogbalu, CEO of PAPSS, emphasized the broader significance of this collaboration:
“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 and their LIT App brings us closer to making African borders invisible to the movement of money.”
Driving AfCFTA and Financial Inclusion
The integration underscores FirstBank’s leadership in digital innovation and supports the objectives of the African Continental Free Trade Area (AfCFTA) by promoting intra-African trade, SME growth, and financial inclusion.
With PAPSS live on the LIT App, FirstBank is empowering entrepreneurs, businesses, and individuals to transact seamlessly across Africa, fostering a more connected and digitally inclusive continent.
