FirstBank Integrates PAPSS for Seamless African Payments

FirstBank Nigeria has expanded access to the Pan-African Payment and Settlement System (PAPSS) through its digital banking platforms, including the LIT App, FirstMobile, and FirstOnline. This integration allows customers to make cross-border payments across Africa without needing a separate onboarding process.

Individuals can transact up to the naira equivalent of $2,000 per month, while corporate customers can transact up to $5,000 monthly. The initiative is significant as it addresses the high costs and complexities associated with moving money between African countries, which have been barriers to intra-African trade.

PAPSS, developed by Afreximbank in collaboration with African central banks, supports the African Continental Free Trade Area (AfCFTA). Financial analysts believe that integrating PAPSS into mainstream banking applications could enhance adoption and facilitate direct transactions between African economies.

The Central Bank of Nigeria (CBN) directed banks to adopt PAPSS and commence transactions under this framework in a circular issued on April 28, 2025.