First Bank, Nigeria’s premier bank, has integrated Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT App.
This integration enables customers to make instant, secure, and local currency-based cross-border payments across Africa. Also, it will enable FirstBank customers to send and receive payments across participating African countries directly from the LIT app, using their local currency. This advancement eliminates the need to route transactions through intermediary banks outside Africa, thereby reducing transaction costs and settlement times.
Launched in January 2022, PAPSS, a centralized financial market infrastructure, facilitates secure and efficient cross-border payment transactions across Africa. It aims to minimize risks and enhance financial integration among African countries, enabling the flow of money in local currencies.
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Speaking on the Integration into the LIT app, Chuma Ezirim, Group Executive, e-Business and Retail Products at Firstbank, described it as a major step forward in the bank’s innovation journey.
He 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.”
Also 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 the 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 is First Bank’s proprietary mobile banking application designed to provide customers with easy access to their banking needs. The app was launched to revolutionize the culture and experience of mobile banking in Nigeria.
The state-of-the-art banking app exposes customers to a wealth of opportunities to promote safety and convenience whilst ensuring they are at an edge in today’s digital banking world.
Key features include;
- Instant virtual card generation and loan applications.
- User-friendly interface that allows customers to manage their accounts conveniently.
- Access to various banking services such as bill payments and account management.
With the addition of PAPSS on the LIT app, it expands its capabilities to support cross-border commerce, especially for individuals and SMEs engaged in pan-African business.
Nonetheless, the integration of PAPSS into FirstBank’s LIT app represents a transformative milestone for Africa’s financial ecosystem. It lays the groundwork for a more connected, inclusive, and efficient payment infrastructure, one that supports the continent’s broader goals of economic integration and sustainable development.
FirstBank has taken a bold step toward realizing the vision of a borderless African payment system by embedding PAPSS into its digital platform. The move not only enhances convenience for customers but also strengthens the foundation for intra-African trade and financial inclusion.
As more African banks follow suit, PAPSS could very well become the cornerstone of Africa’s next financial revolution, one powered by technology, collaboration, and a shared vision for continental prosperity.
