FirstBank revolutionises cross-border payments with PAPSS Integration on LIT App

FirstBank  has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT App.

The move allows customers to make instant, secure, and cost-effective cross-border payments across Africa in their local currencies.

Developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, PAPSS is a revolutionary payment infrastructure designed to simplify and accelerate trade across the continent by enabling real-time transactions in African currencies without dependence on foreign exchange conversions.

Speaking on the milestone, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said the integration underscores the bank’s commitment to enhancing digital capabilities and promoting financial inclusion across Africa.

“This partnership reinforces FirstBank’s mission to simplify financial transactions for our customers. By bringing PAPSS into the LIT App, we are enabling faster, safer, and more convenient payments that support trade and economic growth within Africa,” Ezirim stated.

Echoing his sentiments, Mike Ogbalu, CEO of PAPSS, described the collaboration as a significant leap toward creating a unified African payments ecosystem.

“Every time an individual or business sends money instantly within Africa in their own currency, we’re not just transferring funds, we’re connecting dreams and empowering growth. This partnership with FirstBank’s LIT App moves us closer to a borderless Africa where payments no longer stand in the way of opportunity,” Ogbalu said.

The LIT App, known for its user-friendly features such as virtual cards, scheduled transfers, and multi-payment options, now extends its reach to facilitate cross-border commerce, particularly benefiting SMEs and entrepreneurs engaged in intra-African trade.

With PAPSS live on the platform, customers can now send money across African countries directly in naira, eliminating the need for US dollar, pound, or euro conversions. This integration reduces transaction costs, improves settlement efficiency, and enhances access to digital banking services, advancing financial inclusion and supporting the African Continental Free Trade Area (AfCFTA) agenda.

By adopting PAPSS, First Bank reinforces its leadership in Africa’s digital banking landscape and its role in driving the continent’s economic integration through innovative financial solutions.

Established in 1894, First Bank of Nigeria Limited (“FirstBank”) is West Africa’s oldest financial institution, with operations spanning Africa, Europe, and Asia. The bank maintains subsidiaries in the Democratic Republic of Congo, Ghana, Gambia, Guinea, Sierra Leone, and Senegal, as well as offices in London, Paris, and Beijing.

With over 43 million customer accounts and a network of 820 business offices and 280,000 agent locations across 772 local government areas in Nigeria, FirstBank continues to set industry benchmarks in innovation, financial inclusion, and corporate governance.