FirstBank, West Africa’s premier financial institution, has deepened its push for seamless intra-African trade and payments by integrating the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT App.
With the integration now live, customers can send and receive funds across participating African countries instantly and securely, using their local currencies directly from their mobile devices.
The development positions the bank at the forefront of efforts to simplify cross-border payments within the continent.
The move means FirstBank customers no longer need to rely on complex correspondent banking arrangements or incur heavy foreign exchange conversion costs when transacting across African borders. Instead, transactions can be completed in local currencies, improving efficiency and reducing costs.
The bank said the integration represents a major boost for financial inclusion, particularly for Nigerians and other Africans who primarily operate in local currencies.
By leveraging PAPSS on the LIT App, individuals and businesses can more easily participate in cross-border trade and remittance flows without navigating multiple currency conversions. The simplified process is expected to enhance access to regional markets for entrepreneurs and small-scale traders.
Small and medium enterprises (SMEs) stand to benefit significantly from the new capability. With fewer barriers related to exchange rates and transaction delays, businesses can expand into new African markets more confidently and competitively.
The removal of additional currency conversion layers reduces operational costs and improves cash flow efficiency, factors considered critical for SME growth across the continent.
The integration also aligns with the goals of the African Continental Free Trade Area (AfCFTA), which seeks to create a unified African market and strengthen intra-African commerce.
By simplifying payment systems and enabling faster settlement in local currencies, FirstBank’s adoption of PAPSS supports broader continental efforts to deepen economic integration and promote trade among African nations.
The LIT App, already known for features such as virtual cards and scheduled payments, now becomes a stronger enabler of pan-African commerce with PAPSS embedded into its framework.
