FirstBank says it has successfully 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.”
Open banking not yet live, rollout plans underway — CBN
Commenting on this collaboration, the CEO of PAPSS, Mike Ogbalu, stated: “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.”
A statement issued by the bank on Friday, October 24, 2025, said 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 bank added that the addition of PAPSS expands its capabilities to support cross-border commerce, especially for individuals and SMEs engaged in pan-African business.
The Police Service Commission has released the names of 50,000 successful candidates recruited into the…
The Central Bank of Nigeria (CBN) is set to enter its next Monetary Policy Committee…
The Federal Government says it has enrolled one million out-of-school children into classrooms over the…
Nigerian singer Abiola Akinbiyi, popularly known as Bella Shmurda, has claimed he lost $4 million…
The Lagos State Government has sealed a property in Ikoyi for allegedly discharging untreated sewage…
Stripe and private equity firm Advent International have jointly offered to acquire PayPal Holdings Inc.…
This website uses cookies.