FirstBank Launches PAPSS Feature in LIT App to Boost Financial Inclusion Across Africa
FirstBank, West Africa’s leading bank and a major advocate for financial inclusion, has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app. This development enables customers to make instant, secure, and local currency-based cross-border payments across Africa.
PAPSS, developed by Afreximbank in partnership with the African Union and the AfCFTA Secretariat, facilitates real-time, low-cost transactions in local currencies between African countries. This innovation aims to streamline cross-border trade and financial activities within the continent.
Chuma Ezirim, Group Executive of e-Business and Retail Products at FirstBank, commented on the integration: “The addition of PAPSS to the LIT app demonstrates FirstBank’s commitment to delivering innovative, customer-centric solutions that simplify financial transactions. This milestone aligns with our strategic goal of enhancing digital capabilities and expanding access to seamless cross-border payment services across Africa.”
Mike Ogbalu, CEO of PAPSS, also expressed enthusiasm about the collaboration: “Every time an individual, SME, or 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. Partnering with FirstBank and integrating PAPSS into the LIT app brings us closer to making African borders invisible to the movement of money, so that entrepreneurs and families can focus on building their future without payment barriers.”
The LIT App, FirstBank’s innovative digital banking platform, offers features such as virtual cards, scheduled payments, and multiple transfers in a single transaction, tailored to meet the evolving needs of customers. With the addition of PAPSS, the app’s capabilities now extend to supporting cross-border commerce, especially for individuals and SMEs engaged in pan-African trade.
With PAPSS now live on the LIT App, FirstBank is dismantling barriers to payments, trade, and financial inclusion across Africa. Customers can now send funds conveniently to other countries in Naira, eliminating the need for US dollar, GBP, or Euro conversions. This landmark integration enables real-time cross-border payments in local African currencies, reduces transaction costs, and enhances settlement efficiency. It also broadens access to digital banking services, promotes financial inclusion, supports SMEs, and fosters growth under the African Continental Free Trade Area (AfCFTA).
This integration further cements FirstBank’s leadership in digital banking innovation and aligns with the AfCFTA agenda by simplifying intra-African transactions, fostering economic growth, and empowering the continent’s entrepreneurs and consumers alike.