First Bank of Nigeria Limited has taken a major step in advancing financial connectivity across the continent with the integration of the Pan-African Payment and Settlement System PAPSS into its digital banking platform, the LIT app. The move marks a significant milestone in simplifying cross-border transactions and promoting financial inclusion across Africa.
The new feature enables FirstBank customers to send and receive payments instantly and securely in local African currencies, removing the need for foreign currency conversions. This innovation reflects the bank's continued leadership in digital transformation and its commitment to supporting seamless intra-African trade.
Developed by the African Export-Import Bank Afreximbank in partnership with the African Union AU and the African Continental Free Trade Area AfCFTA Secretariat, PAPSS serves as a continental financial infrastructure that allows real-time, low-cost settlements between African countries, creating a more connected and efficient payment ecosystem.
