First Bank of Nigeria Limited has reinforced its leadership in digital banking innovation with the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship mobile platform, the LIT App.
The development positions FirstBank as one of the first financial institutions in West Africa to embed PAPSS directly into a retail-facing digital channel, a significant milestone in the evolution of financial inclusion and regional payment connectivity across the continent.
The PAPSS framework, established under the leadership of the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, was designed to simplify payments within Africa by enabling financial institutions and businesses to transact across borders without converting into third-party currencies such as the U.S. dollar or euro.
Through this integration, FirstBank customers can now initiate real-time transfers between participating African countries, settle transactions in local currencies, and enjoy lower processing costs compared to traditional remittance channels.
The initiative is expected to play a critical role in supporting regional trade, expanding access for small and medium-sized enterprises (SMEs), and promoting economic inclusion under AfCFTA’s unified market structure.
Commenting on the integration, Chuma Ezirim, Group Executive for E-Business and Retail Products at FirstBank, said the bank remains committed to delivering solutions that enhance customer experience and accelerate cross-border commerce.
He noted that embedding PAPSS within the LIT App reflects the bank’s long-term vision to build a digitally connected financial ecosystem that meets the needs of Africa’s growing mobile-first population.
Industry analysts describe the move as a forward-thinking step that strengthens FirstBank’s competitive advantage in mobile and digital payments. By enabling individuals and businesses to move money seamlessly between African markets, the bank is directly addressing long-standing constraints associated with currency conversion, settlement delays, and high transaction fees.
The integration also aligns with the objectives of AfCFTA, which seeks to boost intra-African trade and financial interoperability among member states. PAPSS serves as a backbone for this framework by reducing friction in cross-border payments and enabling central banks to settle in real time.
Financial technology experts say the availability of PAPSS on the LIT App will have wide-reaching effects, particularly for entrepreneurs and exporters who rely on digital channels for business transactions. The innovation eliminates the need for foreign intermediary banks, shortens payment cycles, and increases liquidity within African markets.
FirstBank’s LIT App, already known for its advanced digital capabilities such as virtual cards, instant account access, and multi-payment scheduling, now expands into the cross-border segment with a product that supports Africa’s long-term goal of regional financial integration.
The bank’s continued investment in digital infrastructure underscores its strategy of combining innovation with customer empowerment. Over the years, FirstBank has built one of Nigeria’s largest digital footprints, serving millions of users through mobile, online, and agency channels. This latest development cements its role as a key driver of Africa’s digital financial transformation.
The PAPSS integration is expected to enhance settlement efficiency, strengthen intra-African commerce, and foster greater participation of Nigerian and African businesses in cross-border trade.
It demonstrates how indigenous financial institutions can leverage technology to connect economies and bridge payment gaps across borders.
With this achievement, FirstBank continues to advance its mission of shaping the future of digital banking while contributing to the continent’s economic growth agenda through innovation, inclusivity, and regional collaboration.