Economy
FirstBank integrates PAPSS into LIT App for seamless cross-border payments across Africa
FirstBank said that it has successful integrated the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app, enabling 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 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, Mike Ogbalu, CEO of PAPSS 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 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 innovative 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 US dollar, GBP or Euro conversions. 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 (AfCFTA). This integration of PAPSS to the LIT app reinforces FirstBank’s leadership in digital banking innovation and supports the African Continental Free Trade Area (AfCFTA) agenda by simplifying intra-African transactions.
-
Economy23 hours agoBPE, stakeholders unite to rollout $500m free meters, DisCos pledge to lead drive
-
Finance23 hours agoCBN cuts 1-Year Treasury Bill rate, rejects Bids
-
Business23 hours agoMTN to acquire controlling stake in IHS Holdings, eyes full ownership
-
Agriculture23 hours agoOver 2.5m metric tonnes of food valued N2trn produced in 2yrs—FG
-
News24 hours agoCourt orders British Govt. to pay £420m to 21 coal miners killed by colonial masters
-
Maritime24 hours agoNIMASA mulls expansion of deep blue project, calls for continued partnership with Navy
-
Oil and Gas23 hours agoDangote refinery backs gantry loading, cautions against costly coastal evacuation
-
News23 hours agoRaham Bello, others launch N20bn endowment fund for alma mater
