FirstBank Nigeria Integrates Pan-African Payment System into Digital Platform
First Bank of Nigeria Limited has integrated the Pan-African Payment and Settlement System into its LIT app. The integration enables instant cross-border transactions in local African currencies without foreign exchange conversions.
PAPSS Infrastructure Enables Real-Time Regional Settlements
The African Export-Import Bank developed PAPSS in partnership with the African Union and African Continental Free Trade Area Secretariat. The continental financial infrastructure allows real-time, low-cost settlements between African countries. FirstBank customers can now send and receive payments instantly across borders using local currencies.
Chuma Ezirim, Group Executive of e-Business and Retail Products at FirstBank, explained the integration demonstrates the bank’s mission. He noted it aligns with FirstBank’s strategy to expand access to reliable cross-border financial services. PAPSS CEO Mike Ogbalu III characterized the collaboration as crucial for breaking payment barriers. Individuals, small businesses, and corporations can trade across African borders in local currencies. This fosters growth and opportunity across the continent.
Digital Platform Expansion Supports Regional Commerce
The LIT app already provides virtual cards, bulk transfers, and scheduled payments. PAPSS integration adds instant cross-border transaction capabilities. The feature benefits entrepreneurs, SMEs, and customers involved in regional commerce. FirstBank’s development supports AfCFTA’s vision of strengthening Africa’s economic integration through efficient, borderless trade.
The integration solidifies FirstBank’s position in Africa’s digital banking landscape. The bank drives innovation enhancing financial inclusion, trade facilitation, and economic collaboration. The system eliminates foreign currency conversion requirements for intra-African transactions.
Recommended