FirstBank upgrades online banking with PAPSS integration
FirstBank has integrated the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app. The integration will enable 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 and the AfCFTA Secretariat, enables instant, […]
First Bank of Nigeria
FirstBank has integrated the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app.
The integration will enable 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 and the AfCFTA Secretariat, enables instant, low-cost payments in local currencies between African countries.
Speaking on the integration, the bank’s Group Executive, e-Business and Retail Products, Chuma Ezirim described it as a testament to the bank’s commitment to delivering innovative, customer-centric solutions that simplify and enhance financial transactions.
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“The integration of PAPSS into the LIT app is a This milestone aligns with the Bank’s strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa. “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 US dollar, GBP or Euro conversions,” he said.
He added that the integration will enable real-time cross-border payments in local African currencies, reduce transaction costs, and improve 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 (AfCFTA),” he said.
The CEO of PAPSS, Mike Ogbalu stressed that the collaboration with the bank will ease the use of digital payments within Africa.
“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 movement of money, so that the continent’s entrepreneurs and families can focus on what matters most: building their future, not battling payment barriers,” he said.