FirstBank of Nigeria Limited has announced the integration of the Pan-African Payment and Settlement System (PAPSS) into its digital banking platform, the LIT app, to enable customers to make cross-border payments in local currencies across African countries.
PAPSS was developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat.
The system facilitates instant, low-cost payments in local currencies between African nations.
According to FirstBank’s group executive, e-Business and Retail Products, Chuma Ezirim, the integration aligns with the bank’s goal of deepening digital capabilities and expanding access to cross-border payment services.
CEO of PAPSS, Mike Ogbalu, said the collaboration will simplify payments across African borders and support businesses and individuals by allowing money transfers within Africa in local currencies.
The LIT app offers features such as virtual cards, scheduled payments and multiple transfers.
With PAPSS added, users can now send funds to other countries in Naira without converting to foreign currencies such as the dollar, pound, or euro.
The integration also aims to reduce transaction costs, improve settlement efficiency, support small and medium enterprises and promote trade within the AfCFTA framework.
FirstBank said the integration reinforces its role in digital banking and supports the AfCFTA agenda by simplifying intra-African transactions.
Established in 1894, FirstBank operates across Africa, Europe and Asia with subsidiaries in the United Kingdom, Democratic Republic of Congo, Ghana, Gambia, Guinea, Sierra Leone and Senegal and a representative office in China.
The bank has over 43 million customer accounts and operates more than 820 business offices and 280,000 agent locations across 772 local government areas in Nigeria.
FirstBank has also been recognised with several awards, including Best SME Bank in Africa and Nigeria by The Asian Banker and Best Private Bank for Sustainable Investing in Africa by Global Finance Awards.
The bank’s vision is “to be Africa’s bank of first choice,” with a mission to provide quality financial services anchored on its core values of entrepreneurship, professionalism, innovation and customer focus.
